Anand speaks out on changes at Atlas Mara

Banque Populaire du Rwanda (BPR) has announced change in its top management which will see the current Managing Director Sanjeev Anand promoted to become Atlas Mara Group Managing Director for Retail and Commercial Banking. Atlas Mara, the holding company for BPR currently has operations in seven countries. The changes in management will also see Linda Kalimba Mulenga become the interim board chairperson following the stepping down of John Vitalo as CEO. Vitalo also ceded his position as a member of board, to which he was also chairman. Speaking exclusively to The New Times on Monday, Anand said that the changes will see the bank’s chairperson Bob Diamond take on the overall coordination of senior management. In his new capacity, Anand will have BPR and all other Atlas Mara affiliated banks report to him. The bank’s board is currently in the position of identifying and recruiting a suitable replacement with Anand remaining in the substantive position until a replacement comes on board, according to a statement. In the interview, Anand allayed any fears, saying that his appointment to a much senior position may disrupt business in the local operations insisting that no need to panic because he remains in charge. “There will be no change in the strategy, Rwanda will still report to me. Rwanda is one of the largest operations and I will devote time for the country,” he said. Among the bank’s focus is to leverage their already established presence across the country. He however noted that there is likely to be reconfiguration of some branches to optimize operations which could see some branches closed and new ones opened. “We will maintain our branch focus, we will retain our branches across the country though we may reconfigure (closing and opening new branches),” he said. The bank has also moved into the digital space which has seen investment in putting up USSD and internet applications. This has in the past raised questions on the banks market penetration strategy due to what some said was lack of specific focus. Anand however defended the move saying that at the moment, no bank in the country, or even on the continent can afford to operate solely as a retail or corporate bank. “No bank can afford to be only retail bank, or SME or corporate bank, we are a universal bank, we are trying to serve all purposes,” he told The New Times. Going forward, he said that the bank is working to reduce its cost-to-revenue ratio which last year stood at around 95 or 96 per cent and one of the highest in the industry. He said that this year they aim to bring it down to about 85 per cent and reduce it by about 5 or 6 per cent every year in coming years. Atlas Mara first hit the local market in 2014 when it took over part of the Development Bank of Rwanda (BRD) before it went on to acquire 62 per cent stake in BPR the following year. editorial@newtimes.co.rw

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Anand speaks out on changes at Atlas Mara