Bank of Kigali, Rwanda’s largest commercial bank by assets has announced plans to cross-list its shares on The Nairobi Securities Exchange following a shareholder approval at the company’s AGM.
Reports indicate that the lender had the options of listing on the Johannesburg, Nairobi or London stock exchanges as part of a plan to raise $60 million-$100 million to expand its business.
“Shareholders authorize the directors, that to the extent that they consider it to be in the interest of the company, to effect a cross listing of the company to the official listing of the Nairobi Securities…. the first Rwandan Company to go on the international Market” The company noted on its Social Media Pages.
Bank of Kigali opened a representative office in Kenya in 2013 in a bid to expand its services in the region.
As of June 2017, the Bank’s Total Assets stood at US$858.7 million while shareholders’ equity stood at approximately US$137.8 million. In 2010, the bank was ranked among the top fifteen commercial banks in East Africa. The bank has more than 80 branches, 90 ATMs and 1,082 POS terminals, making it the second largest bank in Rwanda by size of branch network. The bank’s Agency Network stood at 1,356 during the same period, processing over 695,897 transactions.As of June 30, 2017, the Bank served over 258,000 Retail customers and over 26,000 Corporate clients.
Below is a snapshot of the Bank’s shareholding structure as of March 2016.
