Commercial Bank of Africa (Rwanda) (CBAR) is a commercial bank in Rwanda and it is one of the Kenyan-owned bank subsidiaries to launch operations in Rwanda. The bank is a member of the Commercial Bank of Africa Group, a financial services group with headquarters in Nairobi (Kenya) with subsidiaries in Kenya, Rwanda, Tanzania and Uganda.
Background/History
In November 2015, the CBA Group, Kenya’s largest privately owned financial services provider publicly announced their intention to enter the Rwandan market. The group applied for a banking license from the Rwanda authorities.
In December 2016, the National Bank of Rwanda issued CBA Rwanda with a micro-finance banking license. In May 2017, CBA Rwanda, a microfinance institution, made public its intention to acquire Crane Bank Rwanda, a commercial bank, whose parent company in Uganda had been sold and the buyers of the parent did not want to keep the Rwandan subsidiary. On 15 June 2017 CBA Group signed a definitive sale and purchase agreement with DFCU Bank, the owners of Crane Bank Rwanda. The acquisition required regulatory approval in Rwanda, Kenya and Uganda.
Commercial bank status
On Monday 21st February 2018, The East African reported that the requisite approvals for the purchase of Crane Bank Rwanda had been received from the Bank of Uganda, the Central Bank of Kenya and the National Bank of Rwanda. The acquired assets and liabilities, including two operational branches in Kigali, are expected to be merged with the existing micro-finance operations of CBA Rwanda. On 19 March 2018, the refurbished branches of Crane Bank Rwanda, opened as CBA Bank Rwanda, a commercial bank.
Branches
Nyarugenge Branch: 10249 Ville De Kigali, Nyarugenge, Kigali
La Bonne Adresse Branch: 5447 La Bonne Adresse Building, 76 Avenue de la Revolution, Kigali
Kigali Heights Branch: Kigali Heights Shopping Complex, Kigali. (Main Branch)