BPR-BRD Commercial merger to be completed in six months

Banque Populaire du Rwanda (BPR) – BRD Commercial Bank merger process will be completed in six months, Sanjeev Anand, the bank’s new chief executive, has said. Anand explained that since the process involves two different institutions, with different sets of infrastructure, operations and staff, the exercise cannot be implemented immediately. He added that the gradual transition will ensure that nobody or any processes are affected. Bank Populaire du Rwanda was recently acquired by Atlas Mara, which is expected to invest $21 million (about Rwf16.2 billion) in the new entity that will be called ‘BPR’ when the merger with BRD Commercial Bank is completed. The merger of the two institutions will create the second-largest bank with assets worth $325 million, and the largest financial services player in terms of countrywide branch network (when it is approved by the central bank). While speaking at a dinner hosted for customers on Tuesday, Anand said the bank will ensure improved services and provide innovative products to meet all its clients’ needs. “Customers should expect a much strong bank with excellent and affordable products. We will use our vast experience and expertise to design competitive products for customers, and work with other market players to help strengthen the country’s banking industry,” he said at the event in Nyarutarama, a Kigali suburb. “We are talking about a universal bank providing universal financial services to both retail and SME customers while taking care of our corporate and business clientele,” Anand told The New Times. According to Konde Bugingo, the BRD Commercial Bank chief, the merger will promote financial inclusion and universal access to banking services. About Banque Populaire du Rwanda Banque Populaire du Rwanda was founded in 1975 as a savings and credit co-operative by the people of Nkamba, a village in the Eastern Province to enhance the livelihoods of members. It became a fully-fledged bank in 2008. About Atlas Mara The banking group has so far invested more than $700 million in seven countries in Africa. It was listed on the London Stock Exchange in December 2013. The firm looks to create sub-Saharan Africa’s premier financial services institution capitalizing on its experience and assets base to ease access to funding in the region. Atlas Mara acquired 100 per cent stake in BRD Commercial Bank in October 2015. business@newtimes.co.rw

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BPR-BRD Commercial merger to be completed in six months