COGEBANQUE’s has hit the minimum capital share of Rwf5 billion which is required by the National Bank of Rwanda.

This was revealed by the COGEBANQUE Director General, Bonaventure Niyibizi, during the bank’s annual general assembly which had brought together the top management and share holders that took place at hotel des Milles Collines on Friday.

According to Niyibizi, the progress came as a result of partnering with three International corporations which injected into the bank Rwf3 billion last year.

The international corporations which partnered with COGEBANQUE include Bio from Belgium, Shorecap International from the USA and AFRICINVEST from Tunisia which all together hold 40 percent shares.

Speaking to Business Times, Shorecap International representative Kenny Nwosu commended the bank saying that there has been tremendous progress and that the bank was in a good commercial position.

He also revealed that they (share holders) had agreed that their shares be re-injected into the bank’s operations to enable it to progress further.

"The assembly has agreed on how to bring in the best practices in order to ensure that the institution is run well,” he said.

"We are going to focus on commercialisation of the bank and on how to make it grow,” he added.

Niyibizi says that the next plan of action according to the resolutions in the general assembly will be the expansion of the bank country wide and focusing on trainining the workers and recruiting more competent ones.

"With the 14 operational branches in the country, we are planning an expansion drive which will see us opening up more two branches,” said Niyibizi.

"We are going to open up a branch in Muhanga in two months time and another one in Kabarondo in a period of six months from now,” he added.

On what the bank is doing to cushion itself from the prevailing global economic crisis, Niyibizi said that the crisis is a global issue but the bank was trying its best.

"We are trying through financing projects which have potential of progressing and making sure that we diversify our resources by encouraging savings because no country can grow economically without savings,” he added.

COGEBANQUE is commitment on exceeding their clients’ expectations in order to earn the right of being the first choice in banking operations.

Ends