The Central Bank of Kenya (CBK) has announced the cancelation of the authority granted to the Bank of Kigali (BoK) to operate a representative office in Kenya.
In a statement on Friday, April 5, CBK said the Rwandan bank seized its operation in Kenya on April 2, 2024.
According to CBK, the termination of the BoK’s presence in Kenya follows a strategic decision taken by the lender’s parent company to focus more on digital service delivery channels.
“The voluntary termination of BoK's presence in Kenya follows a strategic decision taken by the Bank of Kigali Group Ple (BoK's parent company) to focus more on digital service delivery channels,” read the statement in part.
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CBK authorized the establishment of the Bank of Kigali's representative office in Kenya on February 12, 2013. The bank which has its headquarters in Kigali was founded in 1966, licensed and supervised by the National Bank of Rwanda under the Law governing the organisation of banking.
The Government of Rwanda controls majority shareholding in the bank while the remaining portion is held between institutional and retail shareholders. Bank of Kigali is also cross-listed on the Nairobi Securities Exchange.
BoK is the largest commercial bank in the East African state followed by Bank Populaire du Rwanda (BPR) and I&M Bank.
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