KCB Group Plc Completes Acquisition of DRC-based Trust Merchant Bank (TMB)

KCB Group Plc has announced the completion of the acquisition of Trust Merchant Bank SA (TMB) after receiving all the regulatory approvals. The Group now owns 85% stake in the Democratic Republic of Congo (DRC) based lender.

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” said Mr Russo.

In the nine months ending September 2022, KCB Group Plc’s net profit rose 21.4% to KShs.30.6 billion on the back of sustained growth from both Net interest and non-funded income lines. This was a jump from KShs.25.2 billion reported for the same period last year.

TMB is one of DRC’s largest banks, with US$1.7 billion in total assets and a strong offering in Retail, SME, Corporate and Digital banking channels.  TMB’s bank branch network of 109 branches is supported by a substantial agency banking network, alongside a representative office in Belgium. In the DRC, the Bank commands an 11 percent market share as measured by total assets and is home to more than one in five banks accounts in the country.

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