Kenya’s CBA Group To Acquire Crane Bank Rwanda

According to Rwandan publication ‘The New Times’,  Kenya’s Commercial of Africa (CBA Group) is at an advanced stage of acquiring Crane Bank Rwanda and the deal is expected to be completed in a few days.

The sale of Crane Bank Rwanda comes months after its Ugandan parent firm, Crane Bank, was sold to Dfcu Bank, both based in Uganda. Sources privy to the issue told The New Times that the acquisition was initiated about a fortnight ago and is awaiting  formal sign-off.

CBA entered the Rwandan market in January this year operating as a micro-finance institution while Crane Bank has been operating in Rwanda since 2014. CBA also partnered with telecom service provider MTN-Rwanda to roll out a mobile telephone-linked banking product, MoKash, the equivalent of M-shwari.

CBA’s acquisition of Crane Bank Rwanda could see it transition from a micro-finance facility to a fully-fledged financial institution and venture into retail banking.

There are currently 17 banks operating in the country with 194 branches and 174 sub-branches.

Asked about the development, Rwanda central bank governor John Rwangombwa said they were awaiting official communication on the development from the seller. He explained that the central bank is not usually involved in the negotiation and sale of a bank when it is not under receivership.

Source; The New Times Rwanda