Rwanda’s Capital Markets Advisory Council has approved Kenya Commercial Banks’s listing on the Rwanda over-the-counter market, a move that makes the bank’s shares the first cross-listed securities in the country.

The development is a major boost to the bank’s efforts at creating a regional presence, coming five months after it opened a branch in Kigali.

It is planning to open seven more branches in the country, two in Kigali and five outside the capital.

The bank joins three other Kenyan companies — Kenya Airways, East African Breweries and Jubilee Insurance — that have cross-listed ourses in the region.

KCB chief executive Martin Oduor-Otieno said the two billion shares that are already listed on the Kenya, Uganda and Tanzania stockmarkets will be available for trading this week.

Besides making KCB shares accessible in the region, listing in Rwanda is set to increase product identification among its clients and boost the bank’s profile.

“Our objective is to make KCB a business that is owned, managed and supported by East Africans,” said Mr Oduor-Otieno.

Trading its securities in Kampala, Dar es Salaam and Kigali, will give KCB an edge over the deep-pocketed rival multinational banks that are spreading through Africa.

The listing comes at a time when competition for the regional banking market has intensified following the entry of multinational banks such as Nigeria’s Access and Eco banks.

The established multinational banks in the regional market such as Standard Chartered and Barclays Bank are strengthening their market positions.

As a result, KCB is keen on presenting its regional outfits as local brands as it races to grow the market shares of its regional subsidiaries.

The interest in the region is also linked to the increased trade among the East Africa countries, which is expected to grow further as the East African Community integration takes shape, coupled with huge growth opportunities in markets such as Uganda, Rwanda and Tanzania.

“Listing KCB shares in Rwanda will help in the development of the capital market in that country and at the same time provide an investment opportunity to thousands of Rwandans willing to invest in the stock market,” said Mr Oduor-Otieno.

Robert Mathu, the Rwanda capital markets executive director, said that KCB listing will pave the way for Rwandan companies to participate in the security market, as well as enhance public awareness about financial products.

KCB is also eyeing Burundi to complete its presence in all the five East Africa countries.

Burundi is the latest country to join the EAC trading bloc of Rwanda, Tanzania, Uganda and Kenya and also has the youngest bourse in Africa with bonds as the only securities listed.

Kenyan banks have gone on an acquisition and expansion spree in the region. Diamond Trust, NIC and Equity banks are some of the listed banks that have gone regional.