Kenya’s Commercial Bank of Africa (CBA) has agreed to take over 100% of Crane Bank Rwanda from dfcu Bank for an undisclosed sum.
Crane Bank, parent of Crane Bank Rwanda, was put in receivership following financial problems and later offloaded to dfcu in January 2017.
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The deal is subject to approval from various regulatory authorities including National Bank of Rwanda, Bank of Uganda and Central Bank of Kenya.
Commenting on the acquisition, CBA said: “The 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,” CBA said in a statement.
Currently, CBA comprises operations in Rwanda, Kenya, Uganda, and Tanzania. It reported a total asset base of $2.2bn, loans of $1.1bn, deposits of $1.8bn and shareholders’ funds of $300m at the end of December 2016.
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By GlobalData