The Managing Director of Rwanda’s I&M Bank, Mr. Sanjeev Anand ,has resigned; KT Press has reliably learnt.
Sanjeev has been heading the Bank’s 15-member top management team responsible for operations of the bank.
The resignation places the bank in a crisis mode as the search for a new managing director kicks off.
A source at the bank that preferred anonymity told KT Press, “Yes. Sanjeev has resigned.” However, the source did not divulge extra details on what could have caused his impromptu resignation.
KT Press also learnt that Sanjeev, who was in office today, has given the bank almost 30 days to find a replacement. He has been serving as the Chairman of Rwanda Leasing Association and Deputy Chairman of Rwanda Bankers Association.
He holds a degree in commerce and is a Chartered Accountant from the Institute of Chartered Accountants of India.
The bank was established in 2004 after the privatization of Commercial Bank of Rwanda (BCR).
Actis Capital owned 80% and Rwandan government owned 20% shares of the financial institution.
However, in 2012, Actis collectively sold off its shares to I&M Bank Group from Kenya, PROPARCO from France, and the German Investment Corporation while government of Rwandan retained its stake in the bank.
Meanwhile, Rwanda announced earlier in April 2015 that it will this year sell off its shares in the bank which has 17 branches across the country.
Sanjeev’s resignation comes at a time; Rwanda’s financial sector is facing currency value troubles with the dollar pressing harder against the Rwanda Franc at an average Rwf760.