i&M bank Rwanda managing director, Sanjeev Anand, has resigned his role at the lender due to what he calls "personal reasons”.

In a phone interview with The New Times on Friday, Anand, who also doubles as the chairman of the Rwanda Bankers’ Association (RBA), said he had issued a three-month notice to the bank’s senior management.

"I have resigned due to personal reasons, but I am still serving my notice period. I have a cordial relationship with the bank…there is no issue at all,” he said.

"I have enjoyed a good stint here (I&M Bank Rwanda), and it’s time for me to look for alternative opportunities.”

Anand took over the reins at I&M Bank Rwanda as managing director six years ago when it was still called Banque Commerciale du Rwanda (BCR).

"I am proud to say that the bank is now one of the strongest financial institutions in the country,” he said.

I&M Bank Rwanda is the oldest bank in Rwanda, established in 1963.

I&M Bank recorded an increase in net profit last year to Rwf4.56 billion, from Rwf4.5 billion in 2013 driven by a reduction in non-performing loans and focus on profitable loan segments, like mortgage finance, as well as small-and-medium enterprises loans.

The government is scheduled to list its 19.8 per cent stake in the bank at the Rwanda Stock Exchange (RSE) in the coming months. Prospective investors expect the person who will take over, to steers the lender to further profitability.

Anand will also be resigning from his chairman position at RBA, saying his deputy, KCB Bank Rwanda’s managing director, Maurice Toroitich will chair the association thereafter.

ben.gasore@newtimes.co.rw