Commercial Bank of Africa (CBA) has concluded a deal to acquire Crane Bank of Rwanda from DFCU bank.
DFCU which is the 6th largest bank in Uganda had initially purchased the Crane Bank Rwanda last year. However, DFCU has sold off its entire stake in the bank in the bank to CBA hence giving it a bigger stake in Rwanda's interests.
“I&M Burbidge Capital is pleased to announce that it has advised DFCU Bank in the sale of its majority stake in Crane Bank Rwanda. The sale was concluded to CBA Bank, an East African Bank based in Kenya. I&M Burbidge Capital was the sole corporate adviser for DFCU Bank in the Transaction,” the chief executive at I&M Edward Burbidge said.
CBA operates in Kenya with 33 branches, 11 in Tanzania and 2 in Uganda.
The bank also ventured in Rwanda in 2016 with a mobile money transfer service called Mocash under a microfinance license.
CBA has recently seen signaficanf growth attribute to the mobile lender platform M-shwari.
The purchase will add more muscles to president Kenyatta's family conglomerate which includes dairy firm Brookside and Heritage hotels.