KCB Group PLC has announced the completion of the acquisition of Trust Merchant Bank SA (TMB) after receiving all the regulatory approvals.
The KCB Group received regulatory approval in Kenya, the Democratic Republic of the Congo, and the COMESA Competition Commission, paving the way for the Group to acquire 85 percent of TMB.
According to KCB Group CEO Paul Russo, the transaction will help KCB expand the scope of its operations by allowing it to enter new markets and provide income diversification on a global scale.
Additionally, the transaction will give KCB the opportunity to expand its market presence in the DRC over the short term by taking advantage of TMB’s 18 years of operational experience, extensive branch network, priceless local customer relationships, and in-depth understanding of regional business dynamics.
The existence of an insurance subsidiary, Afrissur SA, will give KCB the chance to diversify its offerings in the insurance sector of the DRC in addition to the core banking business of TMB. With the help of this transaction, KCB will have a solid strategic base from which to profit from international trade between the Indian and Atlantic Oceans.
“We have found a partner with a proven and trusted history of serving and supporting customers, businesses, and communities. Combining our common legacies and our complementary footprints will strengthen our ability to serve our communities and regional customers and provide solutions that make a difference in people’s lives. The acquisition extends our reach by providing customers access to a larger banking network and an expanded array of services. Our shared banking philosophies will provide significant long-term value for our shareholders, employees, and customers. I am incredibly excited about this opportunity and look forward to welcoming new customers and team members to the KCB family,” said Russo.
With the abilities it has developed over time in systems and processes, KCB Group will operate TMB under its current brand and improve the current business operating model.
“We see significant business opportunities from this acquisition arising from delivering innovative financial services to customers, growing linkages between customers in our region and realizing operational efficiencies which will deliver tangible value to key stakeholders” Russo added.
With US$1.7 billion in total assets and a strong selection of retail, SME, corporate, and digital banking channels, TMB is one of the largest banks in the DRC.
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