I&M Bank Rwanda Explained

I&M Bank (Rwanda) Plc.
Former Name:BCR
Type:Public
Traded As:RSE

IMR

Location:Kigali, Rwanda
Key People:Bonaventure Niyibizi
Chairman
Benjamin Mutimura
Managing Director[1]
Num Employees:467 (2023)
Assets:US$515.79 million (RWF:678,774,235,000) (December 2023)[2]
Brands:I&M Group
Revenue: Aftertax US$8.12 million (RWF:10.69 billion) (December 2023)
Industry:Financial services
Products:Loans, Checking, savings, investments, debit cards

I&M Bank Rwanda Plc.,[3] is a commercial bank in Rwanda that is licensed by the National central Bank of Rwanda(central bank).[4] It is the second largest bank in Rwanda.[5]

Location

The headquarters of the bank are located at KN 03 Avenue 9, in the central business district of Kigali, Rwanda's capital and largest city. The geographical location of the bank's headquarters are:01°56'55.0"S, 30°03'41.0"E (Latitude:-1.948611; Longitude:30.061389).

Overview

The Bank is the second-largest sized commercial bank in Rwanda, behind Bank of Kigali, serving large corporations, small-to-medium businesses, and individuals. As of December 2023, the bank's total assets were valued at RWF 678,774,235,000 (US$515.79 million), with shareholders' equity of RWF 78,649,345,000 (approx. US$59.76 million).[2]

History

The bank was opened in 1963 under the name (French "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 portfolio was almost US$5 billion as of April 2010.[6]

In July 2012, Actis Capital divested from BCR by selling its shares to a consortium comprising the I&M Bank Group from Kenya, PROPARCO from France, and the German Investment Corporation. The Rwandan government retained its shares in the bank.[7] [8] In August 2013, the bank rebranded to I&M Bank (Rwanda) to reflect its current shareholding.[9]

In September 2015, I&M Bank Rwanda appointed its current Managing Director - Robin Bairstow.[10]

In March 2017, I&M Bank Rwanda started trading on the Rwanda Stock Exchange through an Initial Public Offering.[11]

I&M Bank Group

I&M Bank (Rwanda) is a member of the I&M Bank Group[12] of companies. The group is a leading financial services provider in East Africa, with an asset base in excess of US$3.14 billion (KSh324.3 billion) as of September 2019. The group has operations in Kenya, Mauritius, Rwanda, and Tanzania.[13]

Ownership

, the bank's stock was owned by the entities listed in the table below.

Rank !!Name of Owner!!Percentage Ownership
1I&M Bank Group54.47
2AfricInvest Evergreen Investments24.76
4Public20.01
4ESOP0.61
5Others0.15
Total100.00

Branch network

I&M Bank Rwanda maintains the following branches, as of March 2020:[14]

  1. Head Office - KN 03 Avenue 9, Nyarugenge, Kigali
  2. Kigali Heights - Kigali Heights Building, Gasabo, Kigali
  3. Remera Branch - Umuyenzi Plaza, Gasabo District, Kisimenti, Remera, Kigali
  4. Nyamirambo Branch - Merez 2 Petrol Station, Nyamirambo, Rwezamenyo Sector, Nyarugenge District, Kigali
  5. Nyabugogo Branch - Inkundamahoro Building, Nyabugogo Sector, Nyarugenge District, Kigali
  6. Kigali City Market Branch - Kigali City Market Building, Nyarugenge, Kigali
  7. Chic Branch - CHIC Building, Downtown Nyarugenge, Kigali
  8. Musanze Branch - Muhoza Sector, Musanze, Northern Province, Rwanda
  9. Gicumbi Branch - Byumba Sector, Byumba, Gicumbi District, Northern Province, Rwanda
  10. Rubavu Branch - Gisenyi Sector, Rubavu District, Western Province, Rwanda
  11. Rusizi Branch - Kamembe Sector, Rusizi District, Western Province, Rwanda
  12. Karongi Branch - RSSB Building, Karongi, Western Province
  13. Huye Branch - Ngoma Sector, Huye, Southern Province
  14. Rwamagana Branch - Kigabiro Sector, Rwamagana, Eastern Province, Rwanda.

See also

External links

Notes and References

  1. Web site: I&M Bank Rwanda: Board of Directors . March 2020 . I&M Bank Rwanda . 30 March 2020 . I&M Bank Rwanda . Kigali.
  2. Web site: African Financials . I&M Bank Rwanda Plc. Financials For Year Ended 31 December 2023 . 28 February 2024 . I&M Bank Rwanda . 25 August 2024.
  3. Web site: I&M Bank Rwanda. I&M Bank Rwanda - Best Bank for Personal, Business, Diaspora Banking.
  4. Web site: List of Licensed Banks In Rwanda As At July 2018 . . 1 July 2018 . National Bank of Rwanda. 30 March 2020 . Kigali.
  5. Book: The Political Economy of Bank Regulation in Developing Countries: Risk and Reputation. 2020. Oxford University Press. 9780192579232. Jones. Emily. 129.
  6. Web site: About I&M Bank Rwanda Plc . March 2020 . I&M Bank Rwanda . I&M Bank Rwanda . 30 March 2020 . Kigali.
  7. Web site: Actis To Sale Stake In BCR, Umeme And DFCU . 27 April 2015 . 13 November 2011 . . Joint Report . Nairobi . 3 March 2016 . https://web.archive.org/web/20160303223743/http://www.theeastafrican.co.ke/news/Actis-to-sell-stake-in-BCR--Umeme-and-DFCU/-/2558/1272286/-/903smbz/-/index.html . dead .
  8. Web site: I&M Bank Ventures Into Rwanda Market . 27 April 2015 . Victoria Rubadiri . 18 July 2012 . . Nairobi.
  9. Web site: Rwanda: BCR Rebrands To I&M Bank . Ben Gasore . . 27 April 2015 . 8 December 2013.
  10. Web site: Kigali . 'Banking sector must serve all market segments equally' . The New Times Rwanda . 30 September 2015 . 4 February 2016 . Peterson Tumwebaze.
  11. Web site: 2017-02-14. I&M bank IPO opens at Rwf90. 2021-08-13. The New Times Rwanda. en.
  12. Web site: I&M Bank Group PLC. I&M Bank Group PLC.
  13. Web site: I&M Bank Net Earnings Hit KSh 6.6 Billion in Q3 . The Kenyan Wall Street . 28 November 2019 . Jackson Okoth . 30 March 2020 . Nairobi.
  14. Web site: I&M Bank Rwanda. 31 March 2020. The Branches of I&M Bank Rwanda. 31 March 2020. I&M Bank Rwanda. Kigali.

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