Bank of Kigali

Last updated
Bank of Kigali
Company type Public
RSE: BOK
Industry Banking
FoundedDecember 22, 1966;57 years ago (1966-12-22)
Headquarters Kigali, Rwanda
Key people
 Marc Holtzman
(Chairman) [1]
Diane Karusisi
(Chief Executive Officer) [2]
Products Loans, checking, savings, investments, mortgages Internet Banking, Insurance services
RevenueIncrease2.svgAftertax: $40.5 million) (2019) [3]
Total assets US$1,105,900,000 (2019) [3]
Number of employees
1,200+ (2017) [4]
Website www.bk.rw

Bank of Kigali (BK) is a commercial bank in Rwanda. It is licensed by the National Bank of Rwanda. [5]

Contents

Location

The headquarters and main branch of the bank are located at 6112 KN4 Avenue, in Nyarugenge District, in the city of Kigali, the capital and largest city in Rwanda. [6] The geographical coordinates of the bank's headquarters are: 01°56'54.0"S, 30°03'35.0"E (Latitude:-1.948333; Longitude:30.059722). [7]

Overview

Bank of Kigali is the largest commercial bank in Rwanda, by total assets. As of 31 December 2019, the bank's total assets were valued at US$1,1059 million, with a loan book of $735.8 million, customer deposits of $697.4 million and shareholders equity of US$239.6 million. [3]

On 29 September 2017, Global Credit Ratings affirmed Bank of Kigali Limited's long-term and short-term national scale ratings of AA-(RW) and A1+(RW) respectively; with a stable outlook. [8]

The bank has won several back to back international and regional "Best Bank in Rwanda" awards, including from EuroMoney, The Banker, Global Finance Magazine, and EMEA Finance. [9]

History

The Bank was incorporated in the Republic of Rwanda on 22 December 1966. Initially Bank of Kigali was founded as a joint venture between the Government of Rwanda and Banque Belgolaise, with each owning 50 percent of the ordinary share capital. In 1967, the Bank commenced its operations with its first branch in Kigali. [4]

By then, Belgolaise was a subsidiary of Fortis Group, operating in Sub-Saharan Africa but in 2005 began to withdraw from its operations in Africa in line with Fortis’ strategy. In 2007 the Government of Rwanda acquired the Belgolaise shareholding in Bank of Kigali, thereby increasing its direct and indirect shareholding in the Bank to 100% of the entire Issued Shares. In 2011, the Bank changed its name under the new law relating to companies from Bank of Kigali S.A to Bank of Kigali Limited. [10]

On 21 June 2011, the Rwandan Capital Market Advisory Council approved plans for the bank to float 45 percent of its shares and list its shares on the Rwanda Stock Exchange (RSE), becoming the second domestic company to list on the RSE in a US$62.5 million initial public offering. Trading in the shares of the bank started on 30 June 2011. [11]

In December 2012, regional media reports indicated that the bank was in the middle of an expansion into neighboring Uganda. [12] In February 2013, the bank received regulatory approval to open an office in Kenya. [13] While regional expansion was a top priority under former CEO James Gatera, his successor, Diane Karusisi, has hinted that her focus is on further deepening the bank's roots at home to tap into what still remains a largely formally un-banked population. According to FinScope's survey on access to finance in Rwanda, out of 4 million adult Rwandans who have access to formal financial services, only 1.5 million adults or 26 percent of the total, use banks, with only slightly over 60,600 adults of the 1.5 million exclusively relying on banks; others have alternatives outside banking. [14]

In May 2018, at the bank's Annual General Meeting, the shareholders' approved plans to cross-list the stock of the bank on the Nairobi Stock Exchange (NSE), the largest in the East African Community. The cross-listing and the planned rights issue, both planned during the second half of 2018, are expected to raise US$70 million, to be deployed on the acquisition of new, improved ICT systems ($20 million), with the rest deployed in loans to support infrastructure projects at home. [15] In October 2018, the EastAfrican, a regional English language newspaper reported that the stock of Bank of Kigali was expected to list on the Nairobi stock exchange on 30 November 2018. [16]

Branch network

As of December 2018, the bank maintained 79 networked branches, nearly 100 automated teller machines, more than 1,427 banking agents, six mobile banking vans and employed over 1,200 staff. [3] [4] [6]

Governance

The bank is supervised by a board of directors led by chairman of the board, a position currently held by Marc Holtzman. [17] The day-to-day activities of the bank are administered by a six-person executive management team headed by the chief executive officer, Dr. Diane Karusisi. [18]

Shareholding

The shares of Stock of the bank's holding company, Bank of Kigali Group Plc, are primarily listed on the Rwanda Stock Exchange and are cross-listed on the Nairobi Stock Exchange. [19] As of December 2019, the ownership of the bank's stock stood as depicted in the table below: [3]

RankOwnerPercentage ownership
1Social Security Board of Rwanda34.3%
2International Institutional Investors22.4%
3Agaciro Development Fund22.0%
4Regional Institutional Investors12.3%
5Retail Investors7.2%
6BK Employees & Directors1.1%
7Local Institutional Investors0.6%
8Other State Owned Entities0.1%
Total100.00%

See also

Related Research Articles

<span class="mw-page-title-main">KCB Bank Kenya Limited</span> Commercial bank in Kenya

KCB Bank Kenya Limited is a financial services provider headquartered in Nairobi, Kenya. It is licensed as a commercial bank, by the Central Bank of Kenya, the national banking regulator. The bank has also been running Agency banking model.

<span class="mw-page-title-main">National Bank of Rwanda</span> Central bank of Rwanda

The National Bank of Rwanda is the central bank of Rwanda. The bank was founded in 1964. The current governor of the bank is John Rwangombwa.

BPR Bank Rwanda, formerly Banque Populaire du Rwanda SA, is a commercial bank in Rwanda. The bank is licensed by the National Bank of Rwanda, the central bank and national banking regulator.

<span class="mw-page-title-main">Bralirwa Brewery</span> Largest brewer and soft beverage company in Rwanda

Bralirwa, also known by its French name Brasseries et Limonaderies du Rwanda, is the largest brewer and soft beverage company in Rwanda. Its shares of stock are listed on the Rwanda Stock Exchange, where they trade under the symbol:BLRW. As of December 2017, the company's total assets were valued at RWF:127.73 billion, with shareholders' equity of RWF:35.7 billion.

Commercial Bank of Africa Group is a financial services provider in East Africa. Its headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Rwanda, Tanzania, Uganda and Ivory Coast.

<span class="mw-page-title-main">Rwanda Stock Exchange</span> Stock exchange located in Kigali, Rwanda

Rwanda Stock Exchange Limited (RSE) is a Rwandan Stock Exchange and was incorporated on 7 October 2005. The Stock Exchange was demutualized from the start as it was registered as a company limited by shares. The company was officially launched on 31 January 2011.

<span class="mw-page-title-main">Equity Bank Rwanda Limited</span> Bank in Rwanda

Equity Bank Rwanda Limited (EBRL), is a commercial bank in Rwanda. The bank is licensed by the National Bank of Rwanda, the central bank and national banking regulator.

<span class="mw-page-title-main">NCBA Group Plc</span> Kenyan financial services conglomerate

NCBA Group Plc, is a financial services conglomerate in East and West Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania, Rwanda, Uganda and Ivory Coast.

Crane Bank Rwanda was a commercial bank in Rwanda, licensed by National Bank of Rwanda, the central bank and national banking regulator. In June 2017, the Commercial Bank of Africa signed an agreement to acquire the assets to Crane Bank of Rwanda, pending regulatory approval.

<span class="mw-page-title-main">NCBA Bank Rwanda</span> Commercial bank in Rwanda

NCBA Bank Rwanda, formerly Commercial Bank of Africa (Rwanda), is a commercial bank in Rwanda. NCBA Bank Rwanda is one of the Kenyan-owned bank subsidiaries to launch operations in Rwanda. The bank is a subsidiary of the NCBA Group Plc, a financial services group with headquarters in Nairobi, Kenya, with subsidiaries in Kenya, Rwanda, Tanzania, Uganda and Ivory Coast.

Symbion Thermal Power Station is a 56 megawatts (75,000 hp) methane gas-fired thermal power plant located at the Cape of Busororo near the town of Nyamyumba in Rubavu District, in the Western Province of Rwanda.

Gishoma Thermal Power Station is a 15 MW (20,000 hp), peat-fired thermal power plant, under construction in Gishoma, Rusizi District, in the Western Province of Rwanda.

Kibuye Power Plant 1, also Kibuye Thermal Power Station 1 (KP1), is a 3.6 megawatts (4,800 hp) methane gas-fired thermal power plant in Rwanda.

The East Africa Exchange (EAX), also, East African Commodity Exchange, is a privately funded regional, agricultural commodities exchange in East Africa. It was launched in Kigali, Rwanda, in July 2014. EAX is the third-largest agricultural commodities exchange in Africa, behind the South African Futures Exchange and the Ethiopia Commodity Exchange.

Dr. Diane Karusisi is a Rwandan statistician, economist, bank executive and academic. She is the CEO of Bank of Kigali, the largest commercial bank in Rwanda by assets. Immediately prior to her present position, she served as the chief economist and head of strategy and policy at the Office of the President of Rwanda.

The Isaka–Kigali Standard Gauge Railway is a planned railway line linking the town of Isaka in Tanzania to the city of Kigali in Rwanda.

<span class="mw-page-title-main">Cimerwa Cement Limited</span> Cement manufacturer in Rwanda

Cimerwa Cement Limited (CCL) is a manufacturer of cement in Rwanda with capacity of approximately 600,000 tones per year.

Peace Masozera Uwase, also Peace Uwase, is a Rwandan accountant and bank executive, who serves as the Director General of the Financial Stability department of the National Bank of Rwanda (BNR), since April 2016.

The Rwanda Standard Gauge Railway is a standard gauge railway (SGR) system, under development, linking the country to the neighboring countries of Tanzania and Uganda. It is intended to ease the transfer of goods between the Indian Ocean ports of Dar es Salaam and Mombasa, and the Rwandan capital Kigali. The system is expected to link, in the future, to Rwanda's two other neighbors, Burundi and the Democratic Republic of the Congo, as part of the East African Railway Master Plan. With no previously existing railway network, Rwanda is developing its railway system from scratch. The project is dependent on the construction of the Tanzanian and Ugandan SGR lines to the Rwandan border, which have not been completed as of October 2023.

References

  1. ↑ World Economic Forum (3 June 2018). "Marc Holtzman: Chairman of Board of Directors, Bank of Kigali". Geneva: World Economic Forum . Retrieved 3 June 2018.
  2. ↑ Mugisha, Ivan (9 January 2016). "Bank of Kigali picks new CEO as Gatera resigns". The EastAfrican . Nairobi. Retrieved 9 January 2016.
  3. 1 2 3 4 5 Bank of Kigali (April 2020). "Bank of Kigali Investor Presentation Q4 and FY 2019". Bank of Kigali. Retrieved 10 April 2020.
  4. 1 2 3 Agutamba, Kenneth (5 May 2017). "Rwanda's largest commercial bank comes of age; 50th anniversary celebrations set for today". New Times (Rwanda) . Kigali. Archived from the original on 24 February 2018. Retrieved 3 June 2018.
  5. ↑ BNR. "List of Licensed Banks In Rwanda as at 30 June 2017" (PDF). Banque Nationale du Rwanda (BNR). Archived from the original (PDF) on 4 August 2017. Retrieved 3 June 2018.
  6. 1 2 Bank of Kigali (3 June 2018). "Bank of Kigali Branch Network of". Kigali, Rwanda: Bank of Kigali. Retrieved 3 June 2018.[ permanent dead link ]
  7. ↑ "Location of the headquarters of the Bank of Kigali" (Map). Google Maps . Google. 3 June 2018. Retrieved 3 June 2018.
  8. ↑ Global Credit Ratings (29 September 2017). "GCR affirms Bank of Kigali Limited's rating of AA-(RW); Outlook Stable". Johannesburg: Global Credit Rating Company. Retrieved 3 June 2018.
  9. ↑ Tumwebaze, Peterson (18 September 2017). "BK wins international award for best bank in Rwanda". New Times (Rwanda) . Kigali. Retrieved 3 June 2018.
  10. ↑ Bank of Kigali (3 June 2018). "The History of Bank of Kigali". Kigali, Rwanda: Bank of Kigali. Retrieved 3 June 2018.[ permanent dead link ]
  11. ↑ Rugangazi, Randa (24 June 2011). "Rwandans to gain from buying shares on stock market". Kigali: Igihe.com. Retrieved 3 June 2018.
  12. ↑ Gahamanyi, John (7 December 2012). "Bank of Kigali To Venture Into Uganda Market". The EastAfrican . Nairobi. Archived from the original on 9 June 2015. Retrieved 8 June 2015.
  13. ↑ Mugwe, David (19 February 2013). "Bank of Kigali Gets Licence To Open Office In Kenya". The EastAfrican . Nairobi. Archived from the original on 3 March 2016. Retrieved 3 June 2016.
  14. ↑ Kenneth Agutamba (6 March 2016). "Bankers should take a bus to Burera". New Times (Rwanda) . Kigali. Retrieved 3 June 2018.
  15. ↑ Kabona, Esiara (21 May 2018). "Bank of Kigali gets green light to list on NSE". The EastAfrican . Nairobi. Retrieved 4 June 2018.
  16. ↑ Kabona, Esiara (18 October 2018). "Bank of Kigali seeks $69m in rights issue". The EastAfrican . Nairobi. Retrieved 20 October 2018.
  17. ↑ Bank of Kigali (3 June 2018). "The Board of Directors of Bank of Kigali". Kigali: Bank of Kigali. Retrieved 3 June 2018.[ permanent dead link ]
  18. ↑ Bank of Kigali (3 June 2018). "Bank of Kigali Executive Management". Kigali: Bank of Kigali. Archived from the original on 7 November 2017. Retrieved 3 June 2018.
  19. ↑ Munda, Constant (30 November 2018). "Bank of Kigali shares start trading on Nairobi bourse". Business Daily Africa . Nairobi. Retrieved 1 December 2018.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.