KCB Bank Rwanda and Banque Populaire du Rwanda (BPR) have officially merged to form one bank, known as BPR Bank Rwanda Plc.
This followed the successful acquisition of BPR by KCB Group from Atlas Mara Limited and Arise B.V.
The acquisition of majority shareholding of BPR was successfully completed in August 2021, through outright purchase of Atlas Mara and Arise B.V. shares to a tune of 32 Million USD, following approvals from both financial sector regulators in Kenya and Rwanda.
BPR Bank Rwanda is now the second-largest bank in Rwanda with an asset base of 648 Billion, and a network of 154 branches, playing a critical role to support a budding economy to drive financial inclusion in the country by focusing efforts on; inclusive growth, equality, financial opportunities, money management, investment initiatives, the standard of living, and poverty reduction.
Speaking at the launch event, Prime Minister Dr Édouard Ngirente said that with 154 branches in Rwanda and over 1,300 staff members, the investment that KCB Group has made in Rwanda will greatly enhance the economic empowerment of Rwandans.
Prime Minister Edouard Ngirente presides over the official launch of BPR Bank Rwanda Plc in Kigali on Wednesday, May 4.
He added: “KCB Group’s continued investment in Rwanda since December 2008 has been a blessing for Rwandan people. Over 450 people have been trained under the Igire social enterprise programme.”
The Group’s total shares of BPR Bank Rwanda Plc currently stand at 87.5%, with the other 12.5% belonging to local shareholders.
According to Joshua Oigara, KCB Group CEO and Managing Director, with enhanced scale as a group, they will be able to invest more in building a sustainable business, taking care of their environment and the communities they serve.
“We are delighted with the possibilities that lay ahead, as this integration has enabled us to buttress our leadership position, giving us a stronger edge to play a bigger role in driving the financial inclusion agenda in East Africa, while building a robust and financially sustainable organisation,” he said.
Joshua Oigara, KCB Group CEO and Managing Director, delivers remarks during the official launch of BPR Bank Rwanda Plc in Kigali on Wednesday, May 4
“The new entity, BPR Bank Rwanda plc, now allows our customers to enjoy exciting retail and wholesale offerings and the wide branch network is an opportunity for us to roll out products and services to MSMEs and the rural community in Rwanda.”
Our customers in Rwanda, he continued, will also have access to a larger network of agents across the country and will benefit from enhanced digital capability, transactional banking solutions, trade finance expertise and international banking offering from KCB.
BPR Bank Rwanda became the second successful bank acquisition by KCB Group, following the National Bank of Kenya (NBK). For the full year 2022, NBK posted Kshs1.1 billion in profit after tax. This represents a 431% increase from 2020.
Guests follow PM Ngirente’s remarks. BPR Bank Rwanda Plc is a merger of KCB Bank Rwanda and Banque Populaire du Rwanda.
“In collaboration with Banque Populaire du Rwanda,” said KCB Group Chairman, Andrew Kairu, “we have created a strong bank in Rwanda which will serve the community better and more efficiently. To ensure that this happens, we will continue leveraging our technology prowess and our increased scale to drive financial inclusion, and bank the unbanked in Rwanda. We have been presented with a great opportunity to empower the communities and grow the economy of Rwanda.”
In line with KCB Group’s strategy to scale their business in the region, the bank pursued the opportunity to strengthen its international businesses through the acquisition of Atlas Mara Limited Group shares in Banque Populaire du Rwanda PLC and is now pursuing acquisition opportunities in the Democratic Republic of Congo.
“BPR Bank Rwanda holds a lot of promise. We will continually tap into the strengths of both BPR and KCB Bank Rwanda, to offer our customers additional value. We want to revolutionise the way we do business, guaranteeing ultimate satisfaction to our esteemed customers, as they interact with us,” said BPR Bank Rwanda Managing Director, George Rubaguma.
He urged local stakeholders who no longer work with the bank, due to different reasons, to approach it and secure their shares as well as allow the bank to support their businesses since it has now acquired enough resources.
He revealed that since it is now part of KCB Group, a Rwandan employee will be able to work from any country where the group operates, adding that credit facilities will be made simple for customers since the bank services will be near them and easily accessible with improved technology.
During the launch, a gold debit card was also unveiled, and BPR Bank Rwanda customers who have it will be able to access its services from anywhere around the world.