{UAH} Wealthy Kenyatta Family To Acquire Rwanda Bank Owned By Former Ugandan Billionaire

Wealthy Kenyatta Family To Acquire Rwanda Bank Owned By Former Ugandan Billionaire

Mfonobong Nsehe ,  

Commercial Bank of Africa (CBA), the financial institution controlled by President Uhuru Kenyatta's family, has agreed to acquire the Rwandan subsidiary of Crane Bank, the troubled lender owned by Ugandan tycoon and former billionaire Sudhir Ruparelia.

According to a report by Business Daily, the deal will be concluded in September pending approval from regulatory authorities. Terms of the deal were not disclosed.

BEIJING, CHINA - MAY 15: President of Kenya Uhuru Kenyatta speaks to Chinese Premier Li Keqiang(not pictured) during their meeting on May 15, 2017 at the Great Hall of the People in Beijing, China. (Photo by Parker Song - Pool/Getty Images)

In October last year, the Central Bank of Uganda announced that it had taken over management of Crane Bank, saying its lack of capital posed a systemic risk to the country's financial system. The Central Bank subsequently sold Crane bank to DFCU Bank, Uganda's second largest lender after Stanbic Uganda.

"This acquisition signals CBA's strategic intentions to expand its existing business operations in Rwanda and participate meaningfully in Rwanda's economic growth agenda," CBA said in a statement.

CBA is pursuing its expansion plans across the East African region. Outside Kenya, it already has branches in Tanzania and Uganda.

The Commercial Bank of Africa is part of the Kenyatta Family conglomerate which include dairy company Brookside, hotel chain Heritage East Africa and extensive land holdings across Kenya.
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Gwokto La'Kitgum

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