BK Group Plc (Nov 2022)

Bank of Kigali is the largest subsidiary of BK Group, a holding company with three other subsidiaries, namely BK General Insurance, BK TecHouse and BK Capital Ltd. The smaller subsidiaries are growing revenue contributions and represented 4.9% of the net profit before tax (‘NPBT’) to the group in FY21. We opine that Bank of Kigali will continue to be the most significant subsidiary of the group for the foreseeable future and will therefore continue to drive the rating accorded to the group.

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I&M Bank (Rwanda) Plc (Nov 2022)

I&M Bank Rwanda Plc (IMBR) was incorporated 1963 as Banque Commerciale du Rwanda, which was subsequently privatised and recapitalised by Actis, a pan-emerging markets private equity firm. The bank was renamed to IMBR after the 80% Actis stake was acquired by a consortium comprising I&M Bank Kenya, DEG and Proparco. The bank is a subsidiary of the I&M Holdings group and was publicly listed on the Rwanda Stock Exchange in 2017 post-acquisition, with the largest shareholder being BCR Investment Company Limited.

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Operating Environment Overview | Rwandan Banking Institutions (Jul 2022)

Rwanda is a relatively small landlocked, hilly, and fertile country in east-central Africa with a densely packed population of 13.3m. It borders the far larger and richer Democratic Republic of Congo, as well as its closest East African neighbors - Tanzania, Uganda, and Burundi. Rwanda has guarded its political stability since the 1994 genocide of the Tutsi. With the support of the International Monetary Fund (“IMF”) and the World Bank, the country has been able to make important economic and structural reforms and sustain its economic growth rates over the last decade. Tourism, minerals (gold, tin ore, tungsten ore), coffee, and tea are Rwanda's main sources of foreign exchange. However, inadequate infrastructure (electricity, water, internet, affordable financial services), instability in neighbouring states, and lack of adequate transportation linkages to other countries has hampered private sector growth.

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East African Development Bank (Jul 2022)

EADB is a regional MDB that is mandated to strengthen socio-economic development and regional integration. It has ownership by 4 African member states and a few institutional shareholders. Headquartered in the Republic of Uganda, EADB was established in 1967 under the treaty for East African Community which was disbanded in 1977 and later revived in 1980. Following this, the Bank was re-established under its own charter, with an expanded potential membership, mandate, and operational scope. As such, EADB is accorded preferred creditor status equivalent to that of the AfDB including privileges and immunities such as diplomatic and tax-exempt status.

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Bank of Kigali Plc (2021-10)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating. | Bank of Kigali…

I&M Bank (Rwanda) PLC

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating. | I&M Bank |…