KCB Set To Acquire Two Lenders In Tanzania, Rwanda -

KCB Set To Acquire Two Lenders In Tanzania, Rwanda

[PHOTO/ COURTESY]

The Kenya Commercial Bank (KCB) has announced plans to buy 100 percent stake in Banque Populaire du Rwanda PLC (BPR) in Rwanda and African Banking Corporation Ltd (ABC Tanzania).

At first, KCB will buy 62.06 percent stake currently held by Atlas Mara Limited (ATMA) and Atlas Mara Mauritius Limited (AMM)..

“On 25 November 2020, KCB entered into a share purchase agreement (Rwanda Agreement) with, inter alia Atlas Mara Limited (ATMA) and Atlas Mara Mauritius Limited (AMM), for the purchase of 62.06% of the issued share capital of Banque Poputaire Du Rwanda PLC, a company incorporated in Rwanda with registration number 100162830,” KCB said in a public notice.

In addition, KCB intends to make an offer to the remaining shareholders of BPR to acquire additional shares from the remaining shareholders. KCB will offer the same acquisition price applicable to the shares to be acquired from AMM.

Arise BV holds 14.6 percent stake while minority shareholders have a stake of 23.3 percent.

Read: KCB Takes Over Mumias Sugar Company, Places It Under Receivership

In Tanzania, KCB will first purchase 96.6 percent stake held by ABC Holdings Limited (ABCH) and ATMA.

“On 25 November 2020, KCB also entered into Id a share purchase agreement with, inter alia. ABC Holdings Limited (ABCH) and ATMA for the purchase of 96.6% of the issued share capital of African Banking Corporation Tanzania Limited (ABC Tanzania). KCB also separately intends to make an offer to Tanzania Development Finance Company Limited for the purchase of the other 3.4% of the issued share capital of ABC Tanzania (together “Tanzania Agreement”),” the lender said.

Upon completion, BPR and ABC Tanzania will become a subsidiaries of KCB, to be Integrated with KCB’s existing subsidiaries in Rwanda and Tanzania.

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