Private equity fund Kibo Capital Partners sells its stake in I&M Bank Rwanda

RWANDA – Private equity fund Kibo Capital Partners, the Mauritius-based private equity fund, has sold its shares in I&M Rwanda to Egide Gatera, a business magnate, assisted by Enexus Finance.

Established in 1963 as Banque Commerciale du Rwanda and bought by I&M Group in 2012, I&M Rwanda is considered the second largest bank in Rwanda.

With this investment, Gatera indirectly becomes the third-largest shareholder of I&M Rwanda, after I&M Group and Africinvest.

Gatera, a prominent business tycoon in Rwanda, owns a chain of companies with interests in agribusiness, finance and petroleum distribution.

His experience of the Rwandan economy will be beneficial to I&M Rwanda.

I&M Group, a leading lender listed on the Nairobi Stock Exchange, has branches in Rwanda, Uganda, Tanzania, Mauritius and Kenya.

Egide Gatera is a shareholder in Société Pétrolière and Rwanda Mountain Tea and has diversified interests in the banking and insurance industries in Rwanda as well as real estate, tourism, and energy.

“We are happy to partner with I&M Rwanda, there is a lot of synergies to develop with our group. I&M Rwanda has a long experience in working with corporates and I am sure we will mutually benefit from this partnership,” said Mr. Gatera.

Kibo Capital Partners is a private equity firm with two funds under management with assets totaling US$100 million and targets growth companies in Eastern and Southern Africa and the islands of the Indian Ocean.

Enexus Finance is an investment banking firm specializing in middle-market transactions in Africa and provides M&A and fundraising services to African and international companies willing to expand in Africa and has offices in Paris and Abidjan.

“I&M Rwanda has a long experience in working with corporates and I am sure we will mutually benefit from this partnership”

Egide Gatera

I&M Rwanda is the second largest bank in Rwanda with a market share of just over 10%. Through its fourteen branches around the country, the bank offers a full range of banking services all over Rwanda, with a strong focus on corporates and SMEs.

I&M Rwanda has been listed on the Rwanda Stock Exchange since 2017 and is a long-time partner of development finance institutions, especially IFC, Proparco and DEG.

Enexus Finance acted as financial advisor to Kibo. Julien Lefilleur, the managing partner of Enexus Finance, commented: “We are pleased to have supported Kibo in this sale to Mr. Gatera’s group. Mr. Gatera’s experience of the Rwandan market will certainly prove a valuable asset for I&M”.

The bank registered an after-tax profit of Rwf1.6 billion (US&1.6 million) between January and March 2021, its first-quarter financial performance results.

I&M Bank (Rwanda) Plc registered an after-tax profit of Rwf5.1 billion (US$5.1 million) in 2020 despite the Covid-19 pandemic which adversely affected the bank’s clients and the bank.

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