The Development Bank of Rwanda (BRD) has completed the sale of a portion of its assets to Atlas Mara Co-Nvest in a signing ceremony that took place on Friday in Washington DC during the just concluded 2014 Annual World Bank Meetings.
According to a statement from the bank, yesterday, the assets entailed in the transaction include the commercial banking subsidiary which was recently incorporated to run the commercial loan portfolio, BRD Insurance brokerage firm, and a piece of a commercial plot adjacent to BRD’s Kigali headquarters.
The statement notes that after the transaction, the current shareholders of BRD will retain their rights in the development bank section which will mainly focus financing priority sectors of the economy.
This means that the government will continue to exist in the shareholding structure of the development bank.
Atlas Mara also signed a Memorandum of Understanding in which a detailed management services agreement will be developed to manage the development bank to reach its core and strategic objectives.
With this acquisition, Atlas Mara has broadened its footprint into the fast-growing East African Community which further enhances the available commercial banking services as well as boosting financial inclusion.