Bank of Africa pledges to support Rwanda’s devt initiatives as it launches operations

Bank of Africa Group has officially inaugurated its subsidiary in Rwanda, pledging to support the country’s development efforts. The Group acquired a controlling stake of 90 per cent in Agaseke Bank in October last year and started operating as Bank of Africa Rwanda. Previously, insurance group, SORAS, was the majority shareholder in Agaseke, but now has a 10 per cent shareholding in the commercial bank. Agaseke’s total assets were valued at $14 million in 2014.