Business

Kenyan Bank takes over commercial Bank of Rwanda as government remains 20 percent

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Agencies

newdesk@greatlakesvoice.com

A regional Kenyan bank, I & M, has acquired up to 80 per cent stake in the Commercial Bank of Rwanda (BCR) from London-based private equity investor, Actis, for an undisclosed fee.

Actis has held 80 per cent of BCR’s shareholding since 2004, when it acquired the shareholding from the government through the privatisation process,

The Rwandan Government remains with 20 per cent stake.

I&M is a leading player in the consortium with two others, European Development Financial Institution-DEG and PROPARCO.

BCR currently has a network of 15 branches, and over the years, the lender has built a strong profit operation with total assets of Rwf92.9 billion as of December last year.

The new board takes over under the continued leadership of William Irwin, who has been the chairman of BCR since 2009. Sanjeev Anand, who has been the Managing Director since 2009, retains his position.

I&M becomes the fourth Kenyan lender to invest in the country after Fina Bank, Kenya Commercial Bank (KCB Group) and Equity Bank.

I&M Bank’s Executive Director, Sarit S. Raja Shah, said they intend to introduce innovative products and services that enhance customer convenience and their overall banking experience.

“This new acquisition further strengthens the position of I&M as regional player able to offer seamless one-stop solutions to customers who transact within the region,” Shah explained.

He added that the acquisition will give BCR and I&M customers regional banking solutions and facilitate their expansion within the region.

I&M has presence in Kenya, Tanzania and Mauritius.

This post has already been read 1983 times!

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