Connect with us

Banking & Microfinance

KCB Group Talks With Potential Targets in Plan to Enter Ethiopia



Paul Russo

KCB Group Plc, Kenya’s second-biggest bank by assets, is in talks to acquire stakes in lenders in Ethiopia as it revives plans to expand into Africa’s second-most populous nation, Bloomberg reported this April 4.

“It’s not going to be a green field entry,” KCB’s Chief Executive Officer Paul Russo said in an interview in the capital, Nairobi. “We’re talking to three potential targets,” amid regulatory changes that he hopes may be concluded this year, he said.

KCB is relooking at Ethiopia after a three-year pause due to internal conflict that disrupted Prime Minister Abiy Ahmed’s plan to spur private business. The Ethiopian government may allow foreign investors to own as much as 30% of its existing commercial banks as part of efforts to boost its foreign currency reserves.

KCB already operates a representative office in Ethiopia where over 100 million people are served by 25 commercial banks. Kenya Bank With Worst Bad Loan Level Falls on Dividend Cut The Nairobi-based bank has a presence in six markets, including the Democratic Republic of Congo where it acquired TMB Bank.

KCB sees its subsidiaries contributing 25% of the group’s revenue from about 17% currently by the end of this year, according to Russo.

By Bella Genga

What we are about. is a disruptive and intelligent news platform that interrogates, interprets and
trenchantly covers actors who are prime movers within East Africa. Possessing palpable influence and power,
these unicorns posses a contagious and unvarnished character that is seminal, triggering probable outliers to
work towards achieving these twin hallowed credentials, notably influence and power.

As a platform of record ,the brand genuflects disproportionately towards a shoe leather form of journalism. For sensibly, this deliberate choice of action acts as a trusted antidote to editorial maleficence that manifests itself in the form and shape of lazy and sedentary form of journalism. At, we covet the basic tenet of journalism, which is ,to seek the truth and report it. In addition, is a stalwart supporter of progressive ideas, valiantly calling out reactionary and hackneyed ideations that stand on the way of the canonic belief: that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the Pursuit of Happiness. And being a quality news platform ,the brand , unflappably remains committed to the virtues of global excellence, organically re-accessing itself periodically to keep apace with the capricious nature of the news gathering cycle. BusinessWorld is published by DEADLINE COMMUNICATIONS LTD. Copyright © 2024.