KCB Invests in Rwanda and Tanzania units

By Maureen Maingi

The financial services company based in the African Great Lakes region, KCB Group, has recently invested Sh905mn (US$1mn) in its Tanzania and Rwanda units. This will position their capital for further growth. The lender’s chairman Andrew Kairu said: “Economies like Rwanda and Tanzania have demonstrated the capacity for higher returns in the financial services sector.”

According to their annual report (year ending December 2018), KCB has invested Sh519mn ($893,000) to its Tanzanian subsidiary. This totals the investment, which spans across 14 branches, to Sh3.5bn (US$6mn). KCB’s Rwandan subsidy received  Sh386mn ($664,000) for its own respective 14 branches. This raised total investment to Sh2.2bn ($3mn).

SEE ALSO:

 

This news follows alongside the announcement from the Groups CEO Joshua Oigara, who shared plans to obtain two banks: one in Rwanda and one in the Democratic Republic of the Congo (DRC).

Kairu noted that Kenya was overbanked as opposed to other major areas of Africa such as Nigeria and South Africa. He said that these subsidiaries may provide better returns, and that “KCB remains open to opportunities to further grow the financial sector.”

 

Share

Featured Articles

Musk’s multibillion hostile Twitter takeover – the timeline

As billionaire entrepreneur Elon Musk buys Twitter for US$44bn, we draw up a timeline, from the buying of shares to the critical tweets and unsolicited bid

Sustainable moves businesses can make to win customers, IBM

With half of consumers saying environmental sustainability is more important today than a year ago, businesses should up their eco action, says IBM report

Banks and consultancies top workplaces to grow career in UK

Financial and professional services firms rank highest in LinkedIn Top 25 best workplaces list – from Barclays, Lloyds and HSBC, to PwC, Deloitte and EY

Top 10 women in technology in Europe

Leadership & Strategy

The value of ESG links sustainability to business returns

Sustainability

Top 10 European football clubs by revenue 2022 – Deloitte

Corporate Finance