Bank of Kigali

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Bank of Kigali
Type Public
Traded as RSE: BOK
Industry Banking
Founded 1966 (1966)
Headquarters Kigali, Rwanda
Key people Lado Gurgenidze (Chairman)
James Gatera (Managing Director)
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue IncreaseAftertax: US$21.44 million (RWF:14.8 billion) (2013)[1]
Total assets US$611.78 million (RWF:422.36 billion) (2013)
Employees 951 (2013)[2]
Website www.bk.rw

Bank of Kigali (BK) is a Rwandan commercial bank with headquarters in Kigali. The bank is one of the commercial banks licensed by the National Bank of Rwanda, the country's banking regulator.[3]

History[edit]

Bank of Kigali was started in 1966, to provide commercial banking services to individuals, small businesses and large corporations.

Prior to 2007, the bank was 50% owned by Banque Belgolaise, before the Government of Rwanda purchased that shareholding. Subsequently, the government sold minority shareholding to other corporate entities, including the Social Security Fund of Rwanda (SSFR), and the National Post Office of Rwanda (NPR).

In 2011 there were plans for the government to divest more of its ownership in the bank by floating 25% shareholding on the Rwanda Stock Exchange (RSE).[4] On 21 June 2011, the Rwandan Capital Market Advisory Council (CMAC) gave its approval for Bank of Kigali to float 45% of its shares on the RSE, as well as to list its shares on the stock exchange. Trading in the shares of the bank started on 30 June 2011.[5]

In April 2012, International media reports indicated that Bank of Kigali was in the middle of an expansion into neighboring Kenya and Uganda.[6]

Operations[edit]

Bank of Kigali is the largest commercial bank in Rwanda by assets. As of December 2013, its total assets were valued at approximately US$611.78 million (RWF:422.36 billion). At that time, the shareholders' equity in the bank stood at approximately US$:102.5 million (RWF:70.76 billion).[7] In 2010, the bank was ranked among the top fifteen commercial banks in East Africa, and among the top one hundred (100) banks in Africa.[8]

Branch Network[edit]

As of June 2012, Bank of Kigali maintained 47 networked branches, in all provinces of the country, making the largest bank in Rwanda, by the size of branch network.[9] The locations of those branches include the following locations:[10]

  1. Main Branch - 6112 Avenue de la Paix, Kigali
  2. Kacyiru Branch - Kacyiru, Kigali
  3. Downtown Branch - Downtown Kigali
  4. Western Union Branch - Kigali
  5. Kicukiro Branch - Kicukiro, Kigali
  6. Remera Branch - Remera, Kigali
  7. Kimironko Branch - Kimironko, Kigali
  8. Nyamirambo Branch - Nyamirambo, Kigali
  9. Nyabugogo Branch - Nyabugogo, Kigali
  10. Kabuga Branch - Kabuga, Kigali
  11. RDB Branch - Kigali
  12. Kigali Airport Branch - Kanombe, Kigali
  13. SFB Branch - Kigali
  14. Manor Hotel Branch - Manor Hotel, Kigali[11]
  15. Gatsata Branch - Gatsata, Kigali
  16. Gisenyi Branch - Gisenyi
  17. Gisenyi Downtown Branch - Downtown Gisenyi
  18. Ruhengeri Branch - Ruhengeri
  19. Ruhengeri Downtown Branch - Downtown Ruhengeri
  20. Gakenke Branch - Gakenke
  21. Gitarama Branch - Gitarama
  22. Butare Branch - Butare
  23. Cyangugu Branch - Cyangugu
  24. Rwamagana Branch - Rwamagana
  25. Kibungo Branch - Kibungo
  26. Kirehe Branch - Kirehe, Kibungo
  27. Kayonza Branch - Kayonza
  28. Kabarore Branch - Kabarore
  29. Nyagatare Branch - Nyagatare
  30. Rusumo Branch - Rusumo
  31. Gicumbi Branch - Gicumbi[12]
  32. Gatuna Branch - Gatuna
  33. Nyamata Branch - Nyamata
  34. Ngororero Branch - Ngororero[13]

Board of directors and management structure[edit]

The activities of Bank of Kigali are supervised by a ten-member Board of Directors, all of whom, except one, are non-executive. The current chairman of the board is Lado Gurgenidze.[14]

The day-to-day activities of the bank are administered by a ten-person Management Board, headed by the Managing Director (MD). The current MD is James Gatera, the only executive director.[15]

Ownership[edit]

As of December 2011, the ownership of the bank's stock stood as depicted in the table below:[16]

Rank Name of Owner Percentage Ownership
1 Government of Rwanda 29.75%
2 Social Security Fund of Rwanda 27.17%
3 Retail Investors 16.95%
4 International Institutional Investors 10.69%
5 Blackeney Management 7.31%
6 Regional Institutional Investors 4.50%
7 Local Institutional Investors 2.47%
8 Employees & Directors 1.08%
9 Other State Owned Entities 0.10%
Total 100.00%

See also[edit]

References[edit]

External links[edit]