By Dan Ngabonziza & Daniel Sabiiti
A Moroccan bank has acquired shares in one of Rwanda’s biggest banks by shares, as part of the head start to the bilateral investment deal signed by between Rwanda and Morocco today.
President Paul Kagame today received King Mohammed VI of Morocco at village Urugwiro. The duo signed a bilateral investment agreement between the two countries that will pave way for more investment opportunities for both countries.
Cogebanque recently opened the Ruhango branch as its 23rd Branch in the country since the founding of the bank in 1999 adding to its track record among the best performing local Rwandan owned banks
The bank closed the year with a profit before tax of Frw 3.8 billion and an asset base of Frw 178 billion. The bank was ranked second in the banking sector as at the end of 2015, as measured by total assets.
The bank grew its asset base by 32.8% and net lending assets by 20.1%. Customer deposits grew by 21.9%. The bank’s rapid and consistent growth over the past few years have made it a force to reckon with in the banking sector in Rwanda.
According to the bank’s Acting Managing Director, Rachid Muremangingo: ‘’the bank delivered strong and the highest profitability in 2015 in a market that is becoming increasingly competitive’’
The bank has total assets amounting to 343billion Morocco Dirham (MAD), equivalent to Rwf28.1trillion in 2011, and revenue of 15.8 billion MAD (about Rwf1.2trillion).
In the meantime, the Moroccan King is also to visit several parts of the country ahead his expected to official tour in the neighbouring countries of Tanzania and Ethiopia.
Morocco has asked to join the African Union (AU) and has showed a lot of interest in investing in Rwanda after president Paul Kagame paid a visit to Moroccan capital Casablanca, from 20-21 June 2016.
Kagame was also received with honors and decorated by King with the Grand Collar of Wissam Al-Mohammadi, Morocco’s highest national award of honour.