Bank of Kigali Limited (BK) has announced the appointment of Marc Holtzman as its new board chair.

Holtzman replaces Lado Gurgenidze with whom he joined the BK board of directors in 2009.

The new board chair praised his predecessor for an outstanding tenure and enormous contribution to the growth of the BK and to Rwanda’s financial sector.

The bank’s chief executive, Dr James Gatera, lauded Gurgenidze’s dedication, saying his leadership hugely contributed to BK’s success.

"I would like to thank Gurgenidze for his leadership, vision and unwavering commitment to the shareholders, clients and employees of the bank. He brought a different perspective and world class banking expertise, always pushing the bank forward,” Gatera said.

Gurgenidze is credited with leading BK’s growth from 18 branches in 2009 to 73 currently, with a cumulative asset growth of 232 per cent and net loan growth of 236 per cent.

He also steered BK’s entry into the capital markets with an impressive share performance and last year realised a 22.9 per cent return on equity.

In his farewell remarks, Gurgenidze said he was privileged to have played a part in BK’s "exciting journey” over the past six years, adding that the team helped transform the bank into a modern institution.

"I am pleased that we have been able to do so while building shareholder value, with the share price currently at Rwf280, up from Rwf125 at the time of our Initial Public Offer in 2011,” Gurgenidze said.

Who’s the new chairman?

Holtzman, who has almost three decades of business and financial experience, is also the chairperson of Kazkommertsbank, Kazakhstan’s largest bank with a total market share of 24 per cent.

He also currently serves on the board of directors of TeleTech, the world’s leading provider of analytics-driven technology-enabled services.

Previously, he was chairperson of Meridian Capital HK, a private equity firm with investments in natural resources, real estate, food, agriculture and transportation.

Holtzman holds a Bachelor of Arts degree in Economics from Lehigh University and has both Rwandan and American citizenship.