Thursday, December 15, 2022 – Kenya Commercial Bank (KCB) has completed the acquisition of Trust Merchant Bank SA (TMB) now controlling an 85 percent stake in the DRC-based lender.
This is after the lender obtained the regulatory green light in Kenya, the Democratic Republic of Congo, and the COMESA Competition Commission.
The acquisition will give KCB Group access to DRC’s largest banks with an asset base of Sh209 billion and a strong offering in Retail, SME, Corporate, and Digital banking channels.
KCB Group CEO Paul Russo said the transaction will positively contribute towards KCB’s increased scale of operations by establishing its presence in new markets and providing income diversification from a geographical perspective.
Further, the Transaction will enable KCB to accelerate its market presence in the DRC in the near term by leveraging TMB’s 18-year operational history, vast branch network, valuable local customer relationships and deep knowledge of local business dynamics.
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