The government of Rwanda has postponed a deadline of selling off its shares in I&M bank following high interest shown by several local and regional investors.
About 20% stake in I&M bank belongs to government which targets to harvest over Rwf11.5billion from selling these shares. This money will be used for constructing Bugesera International Airport – where initial ground works have kicked off.
In a communiqué by Finance Ministry, the extension aims at ensuring that prospectuses and application forms reach investors across the country and East African region in time.
“It has been decided to avail additional time to enable investors participate,” the communiqué reads in part.
On February 14, 2017, Rwanda floated 99 million shares, equivalent to 19.81% shares in the bank, for initial public offering (IPO) which was meant to end on March 3, 2017.
The new deadline set to March 10 will provide more time for applications of which I&M Bank (Rwanda) Limited, the Capital Market Authority and the Rwanda Stock Exchange have given their approval.
Meanwhile, the financial sector has new development; Sanjeev Anand, the former CEO of Banque Populaire (BPR) – Atlas Mara has been transferred to Atlas Mara Group to assume new responsibilities as the group’s Managing Director for Retail and Commercial Banking.
Anand is also former chairman of Rwanda Bankers Association (RBA) and former CEO for I&M Bank, formerly BCR.
This makes him an important personality in local banking sector but more especially, the BPR Atlas Mara. His transfer happens a couple of months after he endorsed laying off more than 400 staff after fusion of BPR with Atlas Mara end of last year.