KCB Group shareholders today approved the proposal to acquire up to 100% of the issued ordinary shares in Banque Populaire Du Rwanda (BPR) and a 100% stake in African Banking Corporation Tanzania Limited (BancABC).
The twin acquisitions in Rwanda and Tanzania are part of KCB Group’s ongoing strategy to achieve regional relevance and will increase the brand’s footprint while reinforcing existing market capabilities.
“These acquisitions will reinforce the Group’s leadership position and give us a stronger edge to play a bigger role in driving the financial inclusion agenda in the East African region while building a robust and financially sustainable and profitable organization for the shareholders,” said KCB Group Chairman Mr. Andrew W. Kairu.
The transactions follow the offer made by KCB Group late last year and having now received shareholder approval, they are subject to receipt of final regulatory approval.
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