Atlas Mara announces newly formed “BRD Commercial Bank”

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Atlas Mara announces newly formed BRD Commercial Bank

Atlas Mara has completed the process of acquiring Rwanda’s development bank (BRD) as a part of a move to broaden its footprint into the fast growing East African Community

The acquisition also comes with turning BRD into a fully-fledged commercial bank and a subsequent appointment of Konde Bugingo as the CEO of the new Commercial Bank.

The Commercial Bank has been formed following an internal reorganization of BRD, which transferred most of its existing commercial banking assets and liabilities into the newly incorporated Commercial Bank.

It is expected that the Commercial Bank will receive a full commercial banking license once certain conditions are satisfied.

Atlas Mara CEO, John Vitalo says that the acquisition of BRD’s Commercial Bank is a significant milestone for Atlas Mara., making BRD the third deal closing, following the acquisitions of other two financial institutions in the region.

In April this year, the government of Rwanda signed a non-binding Memorandum of Understanding with Atlas Mara Co-Nvest Limited aimed at pursuing procedures of privatizing of the forty-six years old Rwanda Development Bank(BRD).

BRD is Rwanda’s commercial arm that has been at the forefront of economic development in Rwanda.  The bank is currently majority owned by the Rwandan government.

A new World Bank report has indicated that Rwanda is among the African countries that will experience a steady growth reaching 5.2 percent in 2014 with a strong investment growth and household spending.

Atlas Mara’s strategy is to create sub-Saharan Africa’s premier financial institution through a combination of its experience, expertise and access to capital, liquidity and funding and to support economic growth and strengthen financial systems in Africa.

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About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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