BCR to spend Frw540 million on expansion

Rwanda Commercial Bank (BCR) is set to spend Frw540m on an expansion and rehabilitation drive. The move is to handle the increasing number of customers and also penetrate underserved areas in the country. David Kuwana, BCR Managing Director said the growing number of products the bank offers dictates the bank’s expansion. The expansion work has started at the bank’s Head Office in Kigali. The Remera branch has been has been expanded, creating more tills and room in the banking hall. BCR has also opened new branches at Nyamirambo and Nyabugogo while another one will is planned at Kacyiru to handle the mortgage product. More branches are planned at Rwamagana, Byumba, Ruhengeri, Gisenyi, Kyangugu and Butare. “The bank is growing more than we expected. This is mainly due to the growth of the economy and we have to cope with this growth in order to meet customer demands,” Kuwana said. The economy is growing at about 6 per cent, therefore the financial services growth is 12 per cent. However Kuwana says that expansion in the physical infrastructure alone is not the sole solution for the customers who are becoming more sophisticated and demanding for new products. “Other electronic channels are going to be operated,” he said. Last year BCR recorded an overall growth in its business performance. The bank’s profit after taxation was 47 per cent from Frw2.1 billion in 2006 to Frw3.1 billion last year. Ends

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BCR to spend Frw540 million on expansion