Bank of Kigali

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Bank of Kigali
Public
Traded as RSE: BOK
Industry Banking
Founded 1966 (1966)
Headquarters Kigali, Rwanda
Key people
Marc Holtzman
(Chairman)[1]
Diane Karusisi
(Chief Executive Officer)[2]
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue IncreaseAftertax: US$28.2 million (RWF:20.71 billion) (2015)[3]
Total assets US$774.1 million (RWF:568.4 billion) (2015)
Number of employees
1,000+ (2014)[4]
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.[5]

History[edit]

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

The bank was 50 percent owned by Banque Belgolaise before the Government of Rwanda purchased that shareholding in 2007. Subsequently, the government sold minority shareholding to other corporate entities, including the Social Security Fund of Rwanda and the National Post Office of Rwanda.

In 2011, there were plans for the government to divest more of its ownership in the bank by floating 25 percent shareholding on the Rwanda Stock Exchange (RSE).[6] On 21 June 2011, the Rwandan Capital Market Advisory Council approved plans for the bank to float 45 percent of its shares on the RSE and list its shares on the RSE. Trading in the shares of the bank started on 30 June 2011.[7]

In December 2012, regional media reports indicated that the bank was in the middle of an expansion into neighboring Uganda.[4] In February 2013, the bank received regulatory approval to open an office in Kenya.[8]

Operations[edit]

The Bank of Kigali is the largest commercial bank in Rwanda by assets. As of December 2015, its total assets were valued at US$774.1 million (RWF:568.4 billion).[3]

In December 2014, the shareholders' equity stood at approximately US$130.73 million (RWF:89.55 billion).[9] In 2010, the bank was ranked among the top fifteen commercial banks in East Africa.[10]

Branch network[edit]

As of July 2015, the bank maintained 47 networked branches in all provinces of the country, making it the largest bank in Rwanda by size of branch network.[11] The locations of those branches included:[12] By December 2015, the bank's branch network had expanded to 75, with over 1,070 agency branches, 84 ATMs and nearly 280,000 mobile banking accounts.[3]

  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 - Kigali International Airport, Kigali
  13. SFB Branch - Kigali
  14. Manor Hotel Branch - Manor Hotel, Kigali[13]
  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[14]
  32. Gatuna Branch - Gatuna
  33. Nyamata Branch - Nyamata
  34. Ngororero Branch - Ngororero[15]

Governance[edit]

The bank is supervised by a ten-member board of directors, all of whom, except one, are non-executive. The chairman of the board is Lado Gurgenidze.[16] The day-to-day activities of the bank are administered by a ten-person management board, headed by the managing director, Diane Karusisi.[2]

Shareholding[edit]

As of March 2016, the ownership of the bank's stock stood as depicted in the table below:[17]

Rank Name of Owner Percentage Ownership
1 Government of Rwanda 29.5%
2 Social Security Fund of Rwanda 25.1%
3 International institutional investors 14.0%
4 Retail investors 13.7%
5 Local institutional investors 8.9%
6 Regional institutional investors 7.7%
7 Employees and directors 1.0%
8 Other state-owned entities 0.1%
Total 100.00%
  • Note:Totals may be slightly off due to rounding

See also[edit]

References[edit]

  1. ^ RIC (2016). "Key People At Bank of Kigali". Rwandainvestor.com (RIC). Retrieved 17 May 2016. 
  2. ^ a b Mugisha, Ivan (9 January 2016). "Bank of Kigali picks new CEO as Gatera resigns". The EastAfrican. Nairobi. Retrieved 9 January 2016. 
  3. ^ a b c Esiara, Kabona (23 February 2016). "Bank of Kigali net profit up 12pc to $28.2 million". The EastAfrican. Nairobi. Retrieved 24 February 2016. 
  4. ^ a b Gahamanyi, John (7 December 2012). "Bank of Kigali To Venture Into Uganda Market". The EastAfrican. Nairobi. Retrieved 8 June 2015. 
  5. ^ BNR, . (April 2015). "List of Licensed Banks In Rwanda" (PDF). Banque Nationale du Rwanda (BNR). Retrieved 7 June 2015. 
  6. ^ Mugisha, Ivan (30 December 2010). "Rwanda: Government To Float 25 Percent of Its Shares in Bank of Kigali". New Times (Rwanda) via AllAfrica.com. Retrieved 8 June 2015. 
  7. ^ Mugisha, Ivan (21 June 2011). "Rwanda: Bank of Kigali Gets Approval To Trade Shares". New Times (Rwanda) via AllAfrica.com. Retrieved 8 June 2015. 
  8. ^ Mugwe, David (19 February 2013). "Bank of Kigali Gets Licence To Open Office In Kenya". The EastAfrican. Nairobi. Retrieved 8 May 2015. 
  9. ^ BOK (10 March 2015). "Bank of Kigali 31 December 2014 Annual Report And Financial Statement" (PDF). Bank of Kigali (BOK). Retrieved 7 June 2015. 
  10. ^ Butera, Saul (6 October 2010). "Bank of Kigali Named Among Region's Leading Banks". In2eastafrica.net Quoting New Times (Rwanda) Quoting African Business Magazine. Retrieved 8 June 2015. 
  11. ^ Tumusiime, Stephen (30 April 2009). "Rwanda: Bank of Kigali Going Strong, Despite Global Financial Crisis". The Rwanda Focus via AllAfrica.com. Kigali. Retrieved 22 July 2015. 
  12. ^ BK, . (22 July 2015). "Bank of Kigali: Our Branches". Bank of Kigali (BK). Retrieved 22 July 2015. 
  13. ^ Butera, Saul (14 September 2010). "Rwanda: Bank To Open More Branches". New Times (Rwanda) via AllAfrica.com. Kigali. Retrieved 22 July 2015. 
  14. ^ Gahene, Ambrose (9 March 2010). "Rwanda: BK Unveils New Branch In Gicumbi". New Times (Rwanda) via AllAfrica.com. Kigali. Retrieved 22 July 2015. }
  15. ^ RwandaExpress Staff, . (25 June 2012). "Rwanda: Ngororero - Bank of Kigali Opens New Branch In Ngororero Town". RwandaExpress. Kigali. Retrieved 22 July 2015. 
  16. ^ BK, . (22 July 2015). "Bank of Kigali: Our Team - Board of Directors". Retrieved 22 July 2015. 
  17. ^ BOK (31 March 2016). "Bank of Kigali: Shareholding Structure As At 31 March 2016". Kigali: Bank of Kigali (BOK). Retrieved 29 July 2016. 

External links[edit]