President Uhuru Kenyatta and the Kenyatta family are set to expand their business empire with a new acquisition of the Crane Bank of Rwanda.
Commercial Bank of Africa (CBA), which is majorly owned by the first family, is one of the top bidders in the purchase of the Rwandese branch of Uganda’s Crane Bank.
CBA is seeking to make the purchase by the end of May from the Development Finance Company of Uganda (DFCU).
The transaction price and timelines for negotiations of the deal are not yet clear as DFCU is awaiting regulatory approval before making the sale.
The Kenyatta family currently owns other multi-billion businesses including Brookside Dairy, Heritage Hotels, CBA and Mediamax Group.
One of the first family's recent acquisitions includes Buzeki Dairy — the processor of Molo Milk — in 2013 for Sh1.1 Billion through their milk processor Brookside Dairies.
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