BRD’s Kanyankole replaced

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Eric Rutabana (left) has replaced Alex Kanyankole (right), who has been BRD's chief executive since 2013. (File)

Alex Kanyankole has been relieved of his duties as the Development Bank of Rwanda (BRD) chief executive by the bank’s board.

According to a statement from the bank sent to The New Times Thursday evening, the board appointed Eric Rutabana to the position.

Prior to this appointment, Rutabana was the Country Head of Corporate and Investment Banking at BPR, a subsidiary of Atlas Mara Group.

The chairperson of the BRD’s board of directors, Francis Mugisha, said that the change was designed to facilitate the implementation of the bank’s strategic plan 2016-2020.

“Eric is an accomplished banker and understands the new mandate of BRD as a development financial institution. We are confident that he will successfully steer the bank to make even greater contribution to Rwanda’s socio-economic development.” Mugisha said.

Kanyankole has been at the helm of the bank since 2013.

While at BRD, he oversaw a restructuring process that saw the bank split into two entities – with one focusing on the commercial side and the other on developmental projects. The commercial entity was later sold to Atlas Mara Group and subsequently merged with BPR.

It was also under his watch that BRD took over the disbursement and recovery of university student loans following an agreement with the Ministry of Education.

Kanyankole previously served as director-general of National Agricultural Export Board (NAEB).

Rutabana has previously worked at Business Partners as Chief Investment Officer, KCB-Bank Rwanda and I&M Bank.

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