KCB announces subsidiaries in DRC and Ethiopia by 2022
Thursday, 28 March 2019 14:14
By 2022, Kenya Commercial Bank (KCB) will open a subsidiary in the Democratic Republic of Congo, Joshua Oigara, the bank’s managing director indicated. “It is going to be through an acquisition or a combination of businesses…in three years we should have made a conclusion to enter the country,” the official indicated.
The bank also eyes Somalia however, for the management, this country appears to be "a difficult market" due to its poor banking regulations and government’s restrictions on money transfers. In the meantime, the bank expects to launch a subsidiary in Ethiopia in the coming months.
"Our main area of focus is to have a business and presence in Ethiopia. We hope that by the end of 2020 we can be allowed to go further whether by opening a branch or through our mobile lending platform,” Joshua Oigara said.
Let’s note that the KCB operates in Uganda, Tanzania, Rwanda, Burundi and in South Sudan. It has clearly shown its will to strengthen its presence in Africa via merger-acquisitions.
Chamberline Moko
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