KCB Group says it has not given up the Tanzania market in its regional expansion plans after failing to get the final regulatory approval to acquire Atlas Mara’s unit, African Banking Corporation Tanzania Ltd (BancABC).
“We had a final conversation with BancABC in December. Our focus largely today is on other countries. Tanzania is something we will come back to perhaps in the second half of this year,” Chief executive Joshua Oigara says.
KCB Group acquired a 62.06 per cent stake in Rwanda’s Banque Populaire du Rwanda Plc (BPR) in August 2021 from Atlas Mara.
As a result, the group’s asset base grew to Ksh 1.1 trillion attributable to the acquisition and consolidation of Banque Populaire Du Rwanda (BPR) into the Group as reported in its Q3 2021 financial results.
The Nairobi Securities Exchange-listed bank will continue pursuing other strategic options in its regional expansion strategy in the second half of 2022.
