Already listed on the Rwanda Stock Exchange, Bank Of Kigali has just received the green light from its board of directors (meeting May 25, 2018) for a listing on the Nairobi Stock Exchange (NSE).
The planned operation in the second half of this year is part of the bank’s $ 70 million plan. Some $ 20 million will be spent on digital, said Diane Karusisi, chief executive of the bank.
Bank Of Kigali’s NSE introductory transaction is a first for a Rwandan company. Founded 51 years ago, Rwanda’s leading banking institution in terms of assets has been listed on the Kigali Stock Exchange since 2011.
The board of directors, chaired by Marc Holtzman, opts for a capital opening by the market rather than a majority transfer to a banking partner. However, discussions are still ongoing to sell 30% of the capital to Mauritian insurer Swan, leader in his country.
In 2017, Bank Of Kigali reported a pre-tax profit of $ 39.3 million, up 14%.
