The Central Bank of Kenya (CBK) has announced the cancellation 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 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 Central Bank of Kenya (CBK) announces the cancellation of the authority granted to the Bank of Kigali (BoK) to operate a Representative Office in Kenya under Section 43 of the Banking Act, effective April 2, 2024,” CBK stated
“The voluntary termination of BoK’s presence in Kenya follows a strategic decision taken by the Bank of Kigali Group Plc (BoK’s parent company) to focus more on digital service delivery channels.”
CBK authorized the establishment of the Bank of Kigali’s Representative Office in Kenya on February 12, 2013.
Bok, headquartered in Kigali, is a banking institution founded in 1966, licensed and supervised by the National Bank of Rwanda under the Law governing the organization 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.
In 2018, the Bank of Kigali became the second firm in the region to cross-list its shares on the NSE, after Uganda’s utility firm Umeme, which cross-listed in 2012.
Bok in October last year became the first firm listed in two markets to make it to the Nairobi Stock Exchange (NSE) 20 Share Index.
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