Kenya’s top lender by assets, KCB Group plans to acquire 62.06% in Banque Populaire du Rwanda and 100% in African Banking Corporation Tanzania Limited.
Kenyan commercial banks are looking beyond their borders for acquisitions, seeking to tap growing opportunities in the wider East Africa region, driven by rapid economic growth and trade integration.
KCB will pay cash for the shares in the Rwandan bank, it said in a statement, to be computed using a price to book multiple of 1.09.
It also aims to make an offer to the remaining shareholders to acquire more shares on the same terms as the 62% already agreed, KCB said.
In the ABC Tanzania deal, KCB will also pay cash, using a price-to-book multiple of 0.42, the group said.
Both transactions are still subject to various approvals including those of regulators in all three markets, KCB said.
Reuters
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