Commercial Bank of Africa (Rwanda)

Commercial Bank of Africa (Rwanda)
Subsidiary
Industry Banking
Founded December 1, 2016 (2016-12-01)
Headquarters Kigali Heights, 8th Floor,
No. 772, KG7 Avenue, Boulevard de L’Umuganda, Kigali, Rwanda
Key people
 Lina Higiro
Managing Director[1]
Products Loans, Savings, Transaction accounts, Investments, Debit Cards, Credit Cards, Mortgages
Total assets ~US$9.5 million (2018)
Number of employees
 35 (2018)[2]
Parent Commercial Bank of Africa Group
Website cbagroup.com/rwanda/

Commercial Bank of Africa (Rwanda) (CBAR) is a commercial bank in Rwanda.[3] The Commercial Bank of Africa (Rwanda) is one of the Kenyan-owned bank subsidiaries to launch operations in Rwanda.[4] The bank is a member of the Commercial Bank of Africa Group, a financial services group with headquarters in Nairobi, Kenya, with subsidiaries in Kenya, Rwanda, Tanzania and Uganda.[2][5]

History

In November 2015, the CBA Group, Kenya's largest privately owned financial services provider publicly announced their intention to enter the Rwandan market.[6] The group applied for a banking licence from the Rwanda authorities.[6]

In December 2016, the National Bank of Rwanda issued CBA Rwanda with a micro-finance banking licence.[7][8] In May 2017, CBA Rwanda, a microfinance institution, made public its intention to acquire Crane Bank Rwanda, a commercial bank, whose parent company in Uganda had been sold and the buyers of the parent did not want to keep the Rwandan subsidiary.[9] On 15 June 2017 CBA Group signed a definitive sale and purchase agreement with DFCU Bank, the owners of Crane Bank Rwanda. The acquisition required regulatory approval in Rwanda, Kenya and Uganda.[5]

Commercial bank status

On Monday, 21 February 2018, The EastAfrican reported that the requisite approvals for the purchase of Crane Bank Rwanda had been received from the Bank of Uganda, the Central Bank of Kenya and the National Bank of Rwanda. The acquired assets and liabilities, including two operational branches in Kigali, are expected to be merged with the existing micro-finance operations of CBA Rwanda.[3] On 19 March 2018, the refurbished branches of Crane Bank Rwanda, opened as CBA Bank Rwanda, a commercial bank.[2][10]

Branches

  1. Nyarugenge Branch: 10249 Ville De Kigali, Nyarugenge, Kigali
  2. La Bonne Adresse Branch: 5447 La Bonne Adresse Building, 76 Avenue de la Revolution, Kigali
  3. Kigali Heights Branch: Kigali Heights Shopping Complex, Kigali. (Main Branch)[2][11]

See also

References

  1. ↑ Mwai, Collins (9 July 2018). "CBA Bank Rwanda gets new CEO". New Times (Rwanda). Kigali. Retrieved 11 July 2018.
  2. 1 2 3 4 Mutegi, Mugambi (21 March 2018). "CBA takes over Rwanda bank after closing $9.69 million buyout". The EastAfrican. Nairobi. Retrieved 21 March 2018.
  3. 1 2 Kabona, Esiara (20 February 2018). "Commercial Bank Africa buys out Crane Bank Rwanda". The EastAfrican. Nairobi. Retrieved 20 February 2018.
  4. ↑ New Times Staff (30 December 2016). "Another Kenyan bank set to enter local financial market". New Times (Rwanda). Kigali. Retrieved 20 February 2018.
  5. 1 2 CBA (15 June 2017). "CBA to Acquire Crane Bank Rwanda Limited". Nairobi: Commercial Bank of Africa (CBA). Retrieved 30 August 2017.
  6. 1 2 Ngigi, George (24 November 2015). "CBA seeks licence to start operating in Rwanda next year". Business Daily Africa. Nairobi. Retrieved 30 August 2017.
  7. ↑ Kabona, Esiara (7 January 2017). "Commercial Bank of Africa enters Rwandan market". The EastAfrican. Nairobi. Retrieved 30 August 2017.
  8. ↑ BNR (7 June 2017). "List of Licensed Banks as of June 2017: Microfinance Banks" (PDF). Kigali: Banque Nationale du Rwanda (BNR). Retrieved 30 August 2017.
  9. ↑ Mwai, Collins (10 May 2017). "Rwanda: CBA Set to Acquire Crane Bank Rwanda". New Times (Rwanda) via AllAfrica.com. Kigali. Retrieved 30 August 2017.
  10. ↑ Tumwebaze, Peterson (21 March 2018). "Gatete roots for cross-border investments as CBA launches operations in Rwanda". New Times (Rwanda). Kigali. Retrieved 14 July 2018.
  11. ↑ Korir, Isaac (20 March 2018). "CBA Commences Banking in Rwanda after Acquiring Crane Bank Rwanda". Nairobi: Sokodirectory.com. Retrieved 21 March 2018.
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