15 March 2019

Rwanda: BK Group Unveils 4th Subsidiary

BK Group has unveiled its fourth subsidiary BK Capital on the local market to offer advisory and investment services.

The new addition joins three other subsidiaries; Bank of Kigali, BK TecHouse and BK General Insurance.

The firm's investment arm was largely under BK Securities Limited launched in 2013 for security brokerage licensed by the Capital Markets Authority.

However, BK Capital's new portfolio has been expanded to offer services such as investment and wealth management, corporate finance and advisory services brokering of capital markets instruments - bonds and equities as well as pension fund's administration.

Officials say that the development was occasioned of the untapped opportunities in the local market.

BK Group Plc Chairman, Marc Holtzman, said that the lender is in the process of expansion of financial services portfolio.

"Rwanda's economic landscape holds so much untapped potential, so we've aligned our strategy to capitalize on it. Our priority is expanding our financial services portfolio to make our brand into a One-Stop Center under which those services are available to customers. The country envisions to have more robust budget, and we are proudly taking a lead," he said.

BK Capital ltd has entered into a partnership with Swan Group, a Mauritian financial solution provider in Mauritius.

The non-insurance cluster of Swan, licensed by the Financial Services Commission of Mauritius, offers corporate advisory services, asset management services and stock-broking services, has a total asset under management equivalent to USD 1.4 billion, and presents extensive expertise in the fund management business in Mauritius with global outreach.

This will give the local firm an edge in the market in aspects such as expertise, keeping up with trends among other aspects.

BK TecHouse is involved in digital innovation through providing connectivity solutions and software and analytics products while BK General Insurance offers insurance packages including motor, fire, transport and money insurance among others.

The group cross-listed on the Nairobi Securities Exchange (NSE) in November 2018 with the move expected to increase the group's liquidity and enable it to raise adequate capital.

The proceeds of the capital are expected to go into financing growth strategy of subsidiaries to ensure that adequately capitalized.

The cross-listing came after BK Group had floated 222.22 million new shares through a rights.

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