Kenya Commercial Bank KCB CEO, Joshua Oigara has announced the bank’s plan to buy a bank in Rwanda and another one in the Democratic Republic of Congo.
Speaking to Reuters, Mr. Oigara, however, did not reveal the names of the banks and the timeframe for the acquisition.
This comes a few days after the bank had offered to acquire 100 percent stake of National Bank of Kenya through a share swap deal, comprising of 10 ordinary shares of NBK for every one ordinary share of KCB.
“I am a big fan for the ongoing mergers and acquisitions because it is better for banks to operate in large entities in assets value than small ones,” Oigara was quoted by Star.
He said that the bank’s offices would facilitate deals in syndicated lending, specialized, project, and trade finance.
Equity Bank recently entered into an agreement with Pan-Africa focused banking group Atlas Mara to acquire the latter’s banking operations in Rwanda, Zambia, Mozambique, and Tanzania.