Kenya’s Commercial Bank of Africa Group is set to acquire 100% of Crane Bank Rwanda from dfcu Bank Uganda after regulatory approval by National Bank of Rwanda (BNR), Bank of Uganda (BoU) and Central Bank of Kenya (CBK) as well as other relevant capital markets regulatory authorities.
The deal will see CBA expand its existing business operations in Rwanda and participate meaningfully in Rwanda’s economic growth agenda by providing the full spectrum of financial services to this market. It is guided by CBA’s long-term strategic vision that targets to increase its market share across the region through focusing on innovative products and solutions, that help customers to achieve their financial goals and ultimately grow their wealth.
CBA is mid-tier lender run by the Kenyatta family with 33 branches in Kenya, 11 in Tanzania and 2 in Uganda. CBA Rwanda will see the firm expand its operations in Rwanda and help the family-owned bank reach 10 African markets by year end.
The financial base for CBA Group has strengthened considerably over the last five years to a total asset base of KES 227 billion (USD 2.2 billion), loans of KES 117 billion (USD 1.1 billion), deposits of KES 189 billion (USD 1.8 billion) and shareholders’ funds of KES 26 billion (USD 300 million) at 31st December 2016.
CBA also operates M-Shwari, a mobile savings and loans service and serves over 27 million customers within East Africa in partnership with mobile money operators.