KCB Bank has overtaken Equity as Kenya’s largest lender by asset size due to aggressive expansion of foreign subsidiaries. KCB’s total assets reached KES 1.55 trillion, surpassing Equity’s KES 1.44 trillion. However, Equity outperformed KCB in profitability. The competition between the two banks intensifies as they focus on regional expansion and vie for dominance in the banking industry. KCB also leads in customer deposits, net customer loans, branch network, and employment in the sector.
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Kenya: KCB continues partnership with Sopra to drive digital offering
KCB Bank Kenya has teamed up with Sopra Banking Software to enhance its digital banking offering. Sopra will design, build and support the bank’s lending and savings product portfolio, via its KCB Vooma platform. Since 2020, the bank and fintech provider have been developing and launching digital products together, including savings and loan offerings for customers. KCB Bank Kenya claims to have distributed loans worth $3bn to 11 million customers since October 2018.
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KCB finally buys DRC Bank
KCB Group has completed its acquisition of Trust Merchant Bank in the Democratic Republic of Congo (DRC), taking an 85% stake in the lender. The Kenyan firm said the deal will boost its income diversification, establish its presence in new markets and enable it to accelerate its market presence in the DRC. The acquisition also includes Afrissur SA, an insurance subsidiary, which KCB said will provide an opportunity to diversify its offerings in the DRC’s insurance sector. KCB CEO Paul Russo said the deal would provide “enhanced banking products” to TMB’s existing customers.
Categories: Banks