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Kenya's KCB plans to launch units in Somalia, Congo

Kenyan lender KCB Group PLC is planning to launch units in Somalia and the Democratic Republic of the Congo to expand its regional foothold to 10 countries, Business Daily Africa reported.

The group is seeking to enter the Democratic Republic of the Congo over the next three years through an acquisition, but CEO Joshua Oigara said entering Somalia would be tougher due to regulatory conditions.

Oigara also said KCB hopes to expand from a representative office to a fully fledged branch in Ethiopia by the end of 2020 as government reforms continue in the country.