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Kenyatta family buys Rwanda bank for Sh1billion

Anthony Maina

March 21, 2018 11:30 AM

Uhuru is currently in Rwanda for state duties

President Uhuru Kenyattas family has expanded its investment portfolio after acquiring Crane Bank Rwanda for nearly Sh1 billion.

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The deal was done through the Kenyatta family-owned Commercial Bank of Africa (CBA) which paid Sh969 million to mark its first entry into Rwanda.

Crane Bank of Rwanda is a subsidiary of the fallen Ugandan Crane Bank.

CBA on Monday kicked off operations in Rwanda and will be taking over the branches previously operated by Crane Bank.

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“So far we have invested at least $9.5 million in Rwanda and expect to grow this over time as we expand our business in the country,” CBA Group chairman Desterio Oyatsi stated.

Oyatsi also serves as President Kenyatta's private lawyer.

Incidentally, the deal was reached just a few days before President Kenyatta travelled to the East African country for an official tour.

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