I &M Bank Limited has bought significant stake in Banque Commerciale du Rwanda ('BCR') from private equity firm,Actis and the Government of Rwanda.
The purchase of BCR sets pace for I&M's journey to expand in more East African markets, already with presence in Tanzania and Mauritius I &M bought the former government-owned bank together with French development finance institution, Proparco and Germany's DEG .
Privatisation of BCR started in 2004 when the government of Rwanda sold 80 per cent shareholding to Actis and retained 20 per cent interest . Rwanda's Minister of Finance and Economic Planning, John Rwangombwa,"This new sale is a testament to the attractiveness of Rwanda as an investment destination. Rwanda is committed to creating a financial sector that is inclusive and accessible to allow Rwandans to take advantages of all its services".
Despite its exit from BCR, Actis still has significant investments in East Africa estimated at US$300m (Sh24.9 billion) and an intention to put at least US$200m (Sh16.6 billion) to work over the next four years.