Arise sells its stake in Banque Populaire du Rwanda Plc (BPR)
Arise is pleased to announce that the sale of its shareholding in Banque Populaire du Rwanda Plc (BPR) to KCB Group (KCB) in Kenya was successfully concluded. This development comes on the back of securing all the regulatory approvals in Kenya, and Rwanda and has resulted in KCB becoming the majority shareholder in BPR, Rwanda’s second largest bank.
According to Deepak Malik, Arise Chief Executive Officer since inception Arise was fortunate to be able to contribute to the growth trajectory of BPR and believes that the future merger of BPR and KCB Rwanda will provide an even stronger foundation for expanded growth in the Rwandan banking sector and contribute to advancing financial inclusion on the African continent. Arise, through its predecessor shareholder, Rabobank, initially facilitated the creation of BPR with the merger between BRD Commercial Bank Limited and BPR and is privileged to be part of the next chapter of their expansion story.
KCB Group CEO and MD Joshua Oigara said that the completion of the transaction in Rwanda will give the Group a stronger edge in deepening the ongoing Group strategy to scale regional presence. The merger will provide current BPR and KCB Rwanda’s customers with access to a larger network of branches and agents across the country, with customers benefiting from the two banks joint expertise in areas such as digital capability, transactional banking solutions, trade finance expertise and international banking solutions.
“Arise extends its congratulations to BPR and KCB on this exciting new venture and looks forward to seeing the bank further cement their position as a leading player in the Rwandan banking sector”, concluded Mr. Malik.