Kenya Commercial Bank gets go-ahead from Rwanda
By Arthur Asiimwe
KIGALI, July 10 (Reuters) - Rwandan authorities have approved an application by Kenya Commercial Bank (KCB) (KCBK.NR: Quote, Profile, Research) to begin operations, officials said on Thursday.
KCB, Kenya's biggest retail bank, has been expanding its presence across the region in recent years, opening branches in Tanzania, Uganda and southern Sudan. It is also eyeing Burundi.
"The coming of KCB is going to improve competition in the banking sector and introduce new products on the market," Rwanda's central bank governor, Francois Kanimba, told Reuters.
He said KCB was expected to start its operations in Rwanda before the end of the year and would open five or six branches.
KCB is one of Kenya's oldest banks with a 26.2 percent stake held by the government.
Rwanda's banking sector was badly hit by the 1994 genocide, which killed some 800,000 people. Many bank debtors died in the slaughter, while others fled the country leaving loans unpaid.
Rwanda currently has eight commercial banks. (Editing by Paul Bolding)
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