BRD unveils new board

• Share capital increased  Banque Rwandaise de Développement (BRD) Tuesday unveiled a new Chairman of the Board of Directors, and disclosed its share capital’s current standing.
 New Board Chairman, BRD Mupende Kalisa.
New Board Chairman, BRD Mupende Kalisa.

• Share capital increased 

Banque Rwandaise de Développement (BRD) Tuesday unveiled a new Chairman of the Board of Directors, and disclosed its share capital’s current standing.

This was at the Bank’s meeting room, shortly after conclusion of an extraordinary general assembly of shareholders that ushered in Mupende Kalisa at the helm of the organ that administers the institution.

Kalisa who is also the Director of Finance and Administration at the Office of the President replaces Rwanda Social Security Fund’s (RSSF) Henry Gaperi. He briefly spoke to reporters, shedding light on the task ahead, especially the main concerns.

“This is not a commercial Bank, it is a development Bank and thus, the priority as usual is developing the country,” he said, underlining that objective number one remained development.

“We have to invest in development projects and try sustaining the country. Secondly, the bank must also grow,” he said, adding that sourcing more funds from international organisations was another item on the agenda.

A subsequent press statement also highlighted that in earlier sessions – August 2007 and January 2008 – the General Assembly decided to carry on both the eighth and ninth share capital increases from slightly over Rwf 5 billion to Rwf 7 billion.

According to the statement, the preceding General assembly had permitted the board to sell shares to new investors and a new shareholder – the African Development Corporation (ADC) – expressed interest for 25 percent share capital.

Shareholders now have until May 2009 to clear their shares. After the recent share increases, foreign institutions now own 49.49 percent shares while government owns 20.62 percent stake. Local public and private institutions have some 24.05 percent and 5.83 percent shares respectively.

Apart from Kalisa, yesterday’s meeting also confirmed Jane Umurungi as member of the board and it also appointed other board members including Eric Kabeja and Rafi Ghazi, all with a three years term of office.

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