KCB Group has completed its acquisition of the Trust Merchant Bank SA (TMB) after it received all the needed regulatory approvals.

Based on the acquisition, the bank now owns an 85 per cent stake in the lender based in the Democratic Republic of Congo (DRC).

KCB got the green light from the regulators in Kenya, the DRC and the COMESA Competition Commission, which paved the way for its acquisition of 85 per cent of the shares in TMB.

KCB Group CEO Paul Russo said the move will enable the bank to establish its presence in new African markets and provide income diversification from a geographical perspective.

The deal will also see KCB leverage TMB’s 18-year operational history, wide branch network, valuable local customer relationships and deep knowledge of local business dynamics.

Read More

  1. How to protect your Equity Bank account from increasing dangers of online fraud
  2. KCB posts Sh16.1 billion in net profit in first half-year 2023 amid tough economy
  3. Commercial banks oppose plan to raise to Sh2.2 million large cash reporting limit

Additionally, TMB’s insurance subsidiary Afrissur SA will also provide an opportunity for KCB Group to diversify its offerings in DRC’s insurance sector on top of its banking business.

Russo says the transaction will also see KCB provide to existing and new TMB customers improved banking products that are set to grow the brand in the DRC market and beyond.


“Combining our common legacies and our complementary footprints will strengthen our ability to serve our communities and regional customers and provide solutions that make a difference in people's lives,” said Russo.

He added, “The acquisition extends our reach by providing customers access to a larger banking network and an expanded array of services. Our shared banking philosophies will provide significant long-term value for our shareholders, employees, and customers.”

KCB Group will run TMB with its current brand and will improve the current business operating model with the capabilities KCB has built over time in systems and processes.

“We see significant business opportunities from this acquisition arising from delivering innovative financial services to customers, growing linkages between customers in our region and realizing operational efficiencies which will deliver tangible value to key stakeholders” noted Russo.


In the nine months ending September 2022, KCB Group net profit increased 21.4 per cent to Sh30.6 billion driven by sustained growth from both Net interest and non-funded income.

This signified an increase from Sh25.2 billion reported for a similar period last year.

TMB is one of DRC's largest banks, with US$1.7 billion in total assets and a strong offering in retail, sme, corporate and digital banking channels.

TMB’s 109 branches is backed by a substantial agency banking network, alongside a representative office in Belgium.

In the DRC, the Bank commands an 11 percent market share as measured by total assets and is home to more than one in five banks accounts in the country.