When Equity Group, Kenya’s second largest bank, entered the vast Congolese market with its acquisition of Banque Commerciale du Congo in 2020, its arch-rival KCB Bank took notice.
This month, analysts’ predictions were realised when KCB, Kenya’s largest bank by asset base, acquired a majority stake in Trust Merchant Bank (TMB), a Democratic Republic of Congo (DRC) lender headquartered in the country’s mining capital, Lubumbashi.