I&M Bank (Rwanda)

I&M Bank (Rwanda)

Type	Private
Industry	Financial Services
Founded	1963
Headquarters	Kigali, Rwanda
Key people	Irwin William Carlisle Chairman Sanjeev Anand Managing Director
Products	Loans, Checking, Savings, Investments, Debit Cards
Revenue	Aftertax US$5.27 million (RWF:3.61 billion) (September 2014)
Total assets	US$217.4 million (RWF:148.9 billion) (September 2014)
Number of employees	250 (2012)
Website	Homepage

I&M Bank (Rwanda), is a commercial bank in Rwanda that is licensed by the National Bank of Rwanda, the national banking regulator.

Overview

The bank is a medium-sized bank, serving large corporations, small-to-medium businesses, and individuals. As of June 2013, the bank was the second-largest financial services provider in Rwanda, with total assets of about US$198 million (RWF:127.56 billion), Shareholder's equity at 31 December 2013 was approximately US$26 million (RWF:16.7 billion).

History

The bank was opened in 1963 under the name Banque Commerciale du Rwanda (BCR) or Commercial Bank of Rwanda. In the beginning, it was wholly owned by the Government of Rwanda. In 2004, it was privatized. As of April 2010, Actis Capital owned 80 percent and the Rwandan government owned the remaining 20 percent of the financial institution. Actis Capital is a private equity investment firm, headquartered in London, United Kingdom, that specializes in investments in developing countries. The firm's investment portifolio was almost US$5 billion as of April 2010.

In July 2012, Actis Capital divested from BCR by selling its shares to a consortium of the I&M Bank Group from Kenya, PROPARCO from France, and the German Investment Corporation. The Rwandan government retained its shares in the bank.

In August 2013, the bank rebranded to I&M Bank (Rwanda) to reflect its current shareholding. In April 2015, the Rwandan government announced plans to dispose its entire stake in the bank in a planned initial public offering scheduled for later in 2015.

I&M Bank Group

I&M Bank (Rwanda) is a member of the I&M Bank Group of companies. The group is a leading financial services provider in East Africa, with an asset base estimated at over US$1.875 billion (KSh176.5 billion) as of December 2014. The group has operations in Kenya, Mauritius, Rwanda, and Tanzania.

Ownership

As of April 2015, the bank's stock was owned by the entities listed in the table below. At that time, there were plans for the government of Rwanda to list its shareholding on the Rwanda Stock Exchange, by floating an initial public offering.

I&M Bank (Rwanda) Stock Ownership

Rank	Name of Owner	Percentage Ownership
1	I&M Bank Group	55.0
2	PROPARCO	12.5
3	German Investment Corporation (DEG)	12.5
4	Government of Rwanda	19.8
5	Others	0.2
	Total	100.00

Branch network

I&M Bank (Rwanda) maintains the following branches, as of April 2015:

1. Main Branch - 11 Boulevard de la Revolution, Kigali
2. Kacyiru-Umubano Branch - Umubano Hotel, Boulevard de l'Umuganda, Gasabo District, Kigali
3. Remera Branch - Kisimenti, Remera, Kigali
4. Nyamirambo Branch - Rwezamenyo Sector, Nyamirambo, Kigali
5. Mateus Branch - Rue du Travail, Mateus Quarter, Kigali
6. Rusizi Branch - Kamembe Sector, Cyangugu
7. Nyabugogo Branch - Building Inkundamahoro, Nyabugogo, Kigali
8. Kacyiru-Stippag Branch - Stippag Building, Boulevard de l'Umuganda, Kacyiru, Kigali
9. Rubavu Branch - Gisenyi Sector, Gisenyi (Also known as Gisenyi Branch)
10. Musanze Branch - Muhoza Sector, Musanze
11. Gicumbi Branch - Byumba Sector, Byumba
12. Rwamagana Branch - Kigabiro Sector, Rwamagana
13. Karongi Branch - RSSB Building, Karongi, Western Province
14. Kenya Airways Branch - UTC Building, Nyarugenge, Kigali (Also known as Nyarugenge Branch)
15. Magerwa Branch - Gikondo, Magerwa, Kigali
16. Huye Branch - Ngoma Sector, Huye, Southern Province
17. Kigali City Market, Nyarugenge, Kigali

See also

• List of banks in Rwanda
• Economy of Rwanda

External links

• I&M Bank (Rwanda) Website
• I&M Bank Rwanda 2013 Half Year Profits Increase By 80%