I &M Bank Rwanda has been listed as one of the top banks in Africa by a global financial publication, Global Finance Magazine.

The bank, which in February issued an Initial Public Offering for the 19.61 per cent stake owned by the government, was named alongside 31 other banks across the continent, a nomination process that was carried out by the publication's editors.

The process was followed by consultations with corporate financial executives, bankers and banking consultants as well as analysts, according to a statement.

Explaining the nomination criteria, the publication said that they consider factors that range from the quantitative objective to the informed subjective.

"A poll of Global Finance’s corporate readership was conducted in order to increase the accuracy and reliability of the results. Banks were invited to submit entries supporting their selection,” the statement reads in part.

Benchmarks considered include growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products while subjective criteria included the opinions of equity analysts, credit rating analysts and banking consultants.

Joseph D. Giarraputo, one of the co-founders of the publication and the publisher of Global Finance said that the nomination does not necessarily look at the biggest or oldest bank but energy and ability to stand out in the field.

"Global Finance’s annual Best Bank Awards celebrate financial institutions that excel at delivering customers the services and products tailored to meet their unique needs. These banks may not be the biggest or oldest, but their energy and adaptability make them stand out in the field,” he said.

From the region, Equity bank of Kenya and Ecobank Uganda also featured on the list of top banks on the continent.

South Africa’s Standard Bank was named the best bank in Africa overall.

Morocco’s Attijariwafa Bank which last year expressed interest in acquiring a 76 per cent stake in Cogebanque was also featured in the list of Africa’s top banks.