Commercial bank of Rwanda (BCR) has rebranded to I&M Bank Rwanda, with the bank promising expansive regional services. Last year, a consortium led by I&M Bank Limited, a Kenyan incorporated bank, acquired 80 per cent of the shareholding in BCR. As a result, the shareholding of the bank changed with 55 per cent going to I&M Bank, 12.5 per cent to PROPARCO and DEG, two European development finance institutions, each, 19.8 to the Rwandan government and 0.2 per cent to private shareholders.“We are now part of the regional banking sector growth as our renaming means more services like the brisk online money transfer services,” Sanjeev Anand, managing director of the now I&M Bank Rwanda said in a phone interview yesterday. Anand said the bank had renamed after receiving statutory approvals.“All the existing contracts, agreements and documents in the name of Commercial Bank of Rwanda (BCR) will remain contractually binding and enforceable,” he explained.
