Actis Exits Banque Commerciale du Rwanda

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 Rwanda today 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's Minister of Finance and Economic Planning, Hon. John Rwangombwa heralded the sale of the country's second largest bank as a privatisation success story for Africa. BCR has been named 'Best Bank in Rwanda' 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 of Rwanda. When Actis invested, Rwanda was 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's Minister of Finance and Economic Planning, Hon.