Actis Exits Banque Commerciale du Rwanda

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• Publié par: actis
• Nombre de lectures: 14
• Langue: English

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Actis Exits Banque Commerciale du Rwanda

PR Newswire KIGALI, Rwanda, July 18, 2012

KIGALI, Rwanda,July 18, 2012/PRNewswire/ -- Actis, the pan-emerging markets private equity firm, and the Government of Rwandatoday confirmed the sale of Actis's interest in Banque Commerciale du Rwanda('BCR') to Kenyan regional bank, I&M Bank Limited ('I&M'), and French and German development finance institutions, Proparco and DEG. Rwanda'sMinister of Finance and Economic Planning, Hon. John Rwangombwa heralded the sale of the country's second largest bank as a privatisation success story forAfrica. BCR has been named 'Best Bank inRwanda' by Global Finance Magazine for the last five years. The purchase of BCR by regional banking group I&M is the natural next stage in its journey to become a leading East African financial institution. Actis acquired an 80% interest in BCR in a 2004 privatisation, with the remaining 20% interest retained by the Government ofRwanda. When Actis invested,Rwandawas a post-conflict economy; it is now an attractive investment destination with a strong financial infrastructure and a robust regulatory system. Actis is grateful for the strong support it has received from both the Rwandan Government and the regulators throughout the term of this investment. Speaking on the sale,Rwanda'sMinister of Finance and Economic Planning, Hon. John Rwangombwa said: "The successful equity exit of Actis reflects the investment opportunities that the Rwandan Government has helped foster. The privatisation of Banque Commerciale duRwandain 2004 through a private equity investment was the first of its type in theRwandabanking sector and has been highly successful. I take this opportunity to welcome the new investors I&M Bank Limited, Proparco and DEG. This new sale is a testament to the attractiveness ofRwandaas an investment destination.Rwandais committed to creating a financial sector that is inclusive and accessible to allow Rwandans to take advantages of all its services." Actis's strategy at BCR was to strengthen the management team and introduce a world-class board. Recruiting and training local Rwandan staff to create a centre of excellence within the country's banking sector was a priority. Actis broadened BCR's range of services with a particular focus on SMEs, mortgage finance, and innovative leasing and savings products.

Paul Fletcher, Senior Partner of Actis said: "The story of BCR is the story of Rwanda'ssuccess. If we think back to 2003/4, the financial services sector was largely undeveloped and in need of capital; a large proportion of the population was unbanked. There has been extraordinary progress in the past eight years with the creation of a growing and competitive financial services industry at the heart of a thriving economy." Actis remains strongly committed toEast Africawith overUS$300mcurrently invested in the region and an intention to put at leastUS$200mto work over the next four years.

Notes to Editors

Actis made its investment in BCR from two funds, Actis Africa Fund 2 and The Canada Investment Fund forAfrica; thereby enabling BCR to benefit from both the investment of British government capital via CDC, and Canadian government capital managed by Cordiant.

Current Actis investments inEast Africainclude Ugandan electricity distributor, Umeme, and bank, DFCU; Kenyan power generator, Tsavo, as well as a suite of real estate investments including Nairobi Business Park, and Capital Properties in Dar es Salaam.

About Actis Actis invests exclusively in the emerging markets with a growing portfolio of investments inAsia,AfricaandLatin America; it currently hasUS$5bnfunds under management. Combining the expertise of over 100 investment professionals on the ground in nine countries, Actis identifies investment opportunities in three areas: private equity, energy and real estate. Actis has close toUS$1.5 billioninvested in 18 African countries and 32 investment professionals working from offices inCairo,Johannesburg,Lagos, LondonandNairobi. Actis is proud to actively and positively grow the value of those companies in which it invests and in so doing contribute to broader society. http://www.act.is Claire Davies [e-mail] [phone]

Alastair Fairbrother / Haw-Yan Man [e-mail] [phone]