KCB Group has launched a new banking subsidiary in Rwanda, BPR Bank Rwanda, following the amalgamation of KCB Bank Rwanda and Banque Populaire du Rwanda (BPR).
The move by KCB follows regulatory approval by the National Bank of Rwanda (BNR) earlier in the month permitting the merger of the two banking entities.
The amalgamation in effect means the two banks will henceforth operate as a single entity called BPR Bank PLC and KCB Group as the majority shareholder.
BPR Bank becomes the second largest bank in the Rwanda banking sector giving KCB Group an upper edge in its ongoing strategy to boost its presence in the region.
“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 organization,” KCB Group CEO and MD Joshua Oigara said.
He added, “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 revolutionize the way we do business, guaranteeing ultimate satisfaction to our esteemed customers, as they interact with us.”
BPR Bank says it had launched a range of debit and credit cards that seek to simplify payments for all its customers based in Rwanda.
The bank boasts of an asset base of RWF648 billion, a network of 154 branches and mainly targets financial inclusivity, equality, money management and investment initiatives.
“We are excited to see this milestone come through. These two organizations have the right synergies to come together and succeed, especially in this market where there is a need to provide various products and services to our young population to foster not only economic development but also improve quality of life for the population” said Dr Édouard Ngirente, Rwanda Prime Minister.
He added, “We have been presented with a great opportunity to empower the communities and grow the economy of Rwanda.”