Crane Bank Rwanda is to be acquired by the Commercial Bank of Africa, according to a report by Rwanda’s New Times newspaper.
New Times says the transaction is not yet complete, but the necessary approvals are at “an advanced stage with the deal expected to be completed in coming days.”
The entity was a subsidiary of Crane Bank, whose Uganda assets were placed in receivership by Bank of Uganda and then sold to Dfcu Limited in January. Crane Bank Rwanda has two branches in Kigali.
Although the subsidiary was also acquired by Dfcu when it bought Crane Bank, reports say it was not interested in running it and put it on the market. New Times says CBA, which entered Rwanda in January, came out on top to take over Crane Bank Rwanda.
CBA is based in Nairobi and operates in Kenya, Tanzania, Rwanda, and Uganda, where it has been operating since 2014. Last year it pioneered a mobile-based lending service, MoKash, with the country’s largest telecom, MTN Uganda.
MoKash, in partnership with MTN-Rwanda, has since been introduced in Rwanda.