In May, we reported that Commercial Bank of Africa Limited (CBA Group) was at an advanced stage of acquiring Crane Bank Rwanda.
CBA has finally announced that it has signed a definitive Sale & Purchase Agreement (“SPA”) to acquire 100% of Crane Bank Rwanda from Uganda’s dfcu Bank Limited.
In a statement, CBA said this transaction is subject to 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 regulators.
“This acquisition signals CBA’s strategic intentions to 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 said in a statement.
CBA is the largest privately owned bank in East Africa and has been operating for over 54 years.The bank 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.
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