Kenya Commercial Bank (KCB) in Rwanda has been approved by the central bank, to officially launch operations, with the opening of four branches simultaneously.

According to a top bank official, the financial institution is currently shifting gear from one branch to a growth and expansion phase, which involves the opening of four branches across the country.

The bank’s Head of Business, Gloria Nyambok, told Business Times yesterday, that the bank received a go ahead from the regulator the National Bank of Rwanda (NBR) on Monday.

She also added that that the four branches would be open by end of July this year in Remera and in upcountry districts of Huye, Rubavu and Rusizi.

The move makes KCB the first bank to open several branches simultaneously. The bank which is a subsidiary operation with the head offices in Nairobi, Kenya officially launches on Friday.

KCB operations in Rwanda commenced on July 25th , 2008.

"We cannot afford to be content with one branch. Investing in a greenfield market involves being enthusiastic in competition and growth. These branches are strategically located to support the country’s economic activities and create synergies with the bank’s operations in other regional markets,” Nyambok said. She also added that the bank already has clients who have shown interests in opening accounts with these branches.

Recruited employees are already training throughout the region some coming from Kenya, Tanzania, Uganda and Zanzibar.

With the general regional economic outlook and the improvement in its quality of lending, bank officials said that KCB is well placed to continue on the path of improved performance through this growth.

Ends