Local businessman Egide Gatera has acquired a stake in I&M Rwanda previously held by Kibo Capital Partners, a Mauritius-based private equity fund.

This was disclosed by Enexus Finance, the transaction advisor.

 Kibo Capital Partners previously held a 6 per cent stake in the bank which was acquired in 2017 as part of the banks Initial Public Offer.

According to Enexus Finance, the investment makes Gatera one of the largest shareholders after I&M Group and Africinvest.

With his experience and insight on the local and regional business ecosystem, the involvement by Gatera, experts say will be ideal for the bank.

Gatera is an investor in a range of sectors including agriculture, petroleum distribution and energy among others.

"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,” Gatera was quoted in a statement.

Julien Lefilleur, Managing Partner of Enexus Finance said that Gatera's experience of the Rwandan market will certainly prove a valuable asset for the local lender. 

Other shareholders of the bank are, BCR Investment Company, AfricInvest Evergreen Investments and the public and individual investors as well as bank’s employees.

The bank registered an after-tax profit of Rwf1.6B between January and March this year, its first-quarter financial performance results.

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