BCR is one of the most progressive commercial banks in Rwanda which experienced a tremendous growth over the recent years. BCR currently has a branch network of 15 and a staff compliment of over 250. Over the years, BCR has built a strong reputation of reliability, solidity and innovation that has enabled it to develop quality and profitable operations. The Bank’s total assets aggregate RWF 92.9 bn (US$ 61.9m), as at 31 December 2011.

Mr Sanjeev Anand BCR’s Managing Director who has been at the helm of the Bank since 2009, further expressed: “We are excited about this milestone in the history of BCR. Being a part of a larger, regional banking entity opens up so many more opportunities both for BCR and Rwanda as a whole. In addition, having two reputable development finance institutions as major shareholders, will certainly improve the Banks visibility in the international markets. We are looking forward to working closely with I&M Bank and to being able to serve our customers much better and more conveniently on a local and regional front.”

“This is certainly a step in the right direction”, says Mr Sarit S. Raja Shah, the Executive Director of I&M Bank. “We are guided by our customers’ expansion in the region, and this acquisition is no different.  It further strengthens the position of I&M as a truly regional player able to offer seamless one – stop solutions to our customers who transact within the region. We would like to take this opportunity to thank the Central Bank of Kenya and National Bank of Rwanda for their support and guidance during this acquisition. We look forward to find synergies within the Group that will contribute further to Kenya and Rwanda’s bilateral trade and economic growth”, he adds.

This transaction illustrates I&M strong partnership with development finance institutions. Laureen-Astrid Kouassi, Investment officer in PROPARCO’s Banking and Capital Markets Division confirmed her institution’s commitment to the I&M Group : “PROPARCO is proud to support its long dated partner in the expansion of its activities in Rwanda whose banking sector offers some significant opportunities for the I&M Group. BCR enjoys a strong positioning in its domestic market; its sound recent financial and operating performances have moreover paved the way for a sustainable growth. The successful completion of this acquisition hence further strengthens I&M position as a key player in the EAC banking sector”.

“We are proud to support I&M Bank in this transaction, a partner distinguished by exceptional regional knowledge and a proven track record. As one of the bank’s focus activities is the financing of small and medium-sized enterprises, the expansion to Rwanda will enable the transfer of I&M Bank’s expertise and range of banking solutions in this field, thus supporting the expansion of private enterprises structures and creating the basis for sustainable growth in Rwanda” said Peter Bereschka, Investment manager at DEG.

This acquisition marks PROPARCO’s first investment in Rwanda, where the banking sector has shown high market potential. It will boost local financing for long-term investments and will contribute to deepen financial markets in the region.


ABOUT

I&M Bank possesses a rich heritage and history in the banking sector.  The Bank was established in 1974 as a community financial institution that has since grown into a full-fledged commercial bank with presence in 3 countries. The I&M Bank Group comprises  I&M Bank Limited in Kenya, I&M Bank (T) Limited in Tanzania, Bank One Limited in Mauritius, and now in Rwanda through the acquisition of BCR Limited.  With a group staff compliment of over 860, balance sheet size of KES 108 billion (approx. USD 1.27 billion) and profit before tax of KES 4.95 billion (approx. USD 58.3 million) it is one of the strongest and best managed banks in Kenya.  In Kenya the Bank has a network of 19 branches covering the four major financial centres in Kenya and access to approx. 4,000 ATMs across the country through the Kenswitch network.  With a fast growing customer base I&M has grown to be a market leader in the Kenyan market, and was recently ranked by the 2011 Banking Survey as the 6th best overall bank of the 43 banks in the country. The I&M Group also operates in the insurance industry through GA Insurance Company.

DEG, member of KfW Bankengruppe, is one of the largest European development finance institutions for long-term project financing. For 50 years, DEG has been financing and structuring the investments of private companies in developing and transition countries.  DEG invests in profitable projects that contribute to sustainable development in all sectors of the economy, from agriculture to infrastructure and manufacturing to services with special emphasis on exported oriented and employment generating projects which are environment friendly. DEG also focuses on investments in the financial sector in order to facilitate reliable access to capital. To date, DEG has worked together with more than 1,700 companies with financing commitments of more than EUR 13 Billion and boasts of 457 staff spread over 13 regional offices and supported by 60 KfW agencies worldwide.

PROPARCO is a Development Finance Institution jointly held by Agence Française de Développement (AFD) and public and private shareholders from the North and South. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs). PROPARCO finances investments that are economically viable, socially equitable, environmentally sustainable and financially profitable. PROPARCO is one of the main bilateral development finance institutions in the world. It invests on four continents encompassing the major emerging countries and the poorest countries, particularly in Africa, and has a high level of requirements in terms of social and environmental responsibility.
www.proparco.fr