British-American Investments Company Limited (Britam), a financial services firm listed on Nairobi Stock Exchange, has started doing business in Rwanda.
Speaking during the launch last week, Edwin Dande, the firm’s managing director, said that they will provide insurance, asset and property management as well as banking services.
He assured the Rwandan investors that the coming of Britam is an indication that the company is keen to maintain its position as the leading unit trust provider in the region.
Britam has in excess of $136.8m in assets under its management—that is about 25 per cent of East Africa’s market share. Other leading players are Old Mutual that is managing $102.6m and Stanlib Investments with $44.5m.
In December last year, Britam bid to acquire 99 per cent stake in Real Insurance Company. The completion of the transaction is subject to the customary regulatory and shareholder approvals, expected during first half of the year.
The acquisition is expected to strengthen Britam’s regional position in the provision of inclusive financial services.
Maurice Toroitich, the managing director of KCB Rwanda said Britam’s entry into the market was good news for investors as it gives them confidence that their investments would be managed professionally.
“They will be able to manage people’s investments in both stock and off-shore markets, pension funds among others in a professional way,” he said.