Rwanda Development Bank

Development Bank of Rwanda
Parastatal
Industry Finance
Founded 1967
Headquarters Kigali, Rwanda
Key people
 Francis Mugisha
Chairman
Alex Kanyankole
Chief Executive Officer
Products Long Term Finance, Financial Advisory Services, Management Services, Export/Import Finance, Capacity Building, Trade Finance, Leasing Mortgage Finance
Total assets US$122 million (RWF:72 billion) (2011)
Owner Government of Rwanda
Website Homepage

Development Bank of Rwanda, commonly referred to by its French name Banque Rwandaise de Développement (BRD), is a development bank in Rwanda. It is one of the banks licensed by the National Bank of Rwanda, the national banking regulator.[1]

Overview

The bank began its operations in 1967, as a long-term financial services provider, with the financing geared towards national development projects. As of April 2011, the total asset valuation of the bank was approximately US$122 million (RWF:72 billion), with shareholders equity of approximately US$42.3 million (RWF:25 billion) [2]

History

Development Bank of Rwanda, “BRD” is a public company, with a share cpital of RWF:7,808,931,000 registered at the Office of the Registrar General, whose company code is n° 1000003547. BRD was incorporated on 5 August 1967. The period between 1967 and 1987 saw the institution invest heavily in pick-up trucks, finance and the finance of grinding mills.

Between 1988 and 1994, the bank expanded its services to the provision of loans in agro-industries, particularly tea and manufacturing, artisans and micro-enterprises. Furthermore, between 1995 and 2000, the bank underwent re-structuring, re-organization and re-capitalization, to repair the damage incurred during the 1994 Rwanda Genocide.

Since 2001, the bank has increased its focus on financing rural development projects, since 90% of the Rwandan population is rural.[3]

On October 16, 2014, BRD announced that it had completed its internal reorganization. This process included spinning off its commercial banking business into a new subsidiary that would be sold off to Atlas Mara Co-Nvest Limited. This subsidiary was incorporated to run the commercial loan portfolio, BRD's Insurance brokerage firm and a piece of a commercial plot adjacent to BRD’s Kigali headquarters.[4] As at October 18, 2014, the newly formed Commercial Bank was yet to be given an official name and was awaiting a commercial banking license from the National Bank of Rwanda.[5]

Acquisition

In April 2011, BRD, acquired a 100% controlling interest in Housing Bank of Rwanda. BRD is in the process of absorbing the assets, liabilities and staff of HBR. After re-organization, BRD has commenced retail banking operations. In addition, it has begun underwriting mortgage products originated by other commercial banks in the country, in an attempt to increase home ownership in Rwanda.

At the time of takeover, HBR's total assets were valued at about US$23.7 million (RWF:14 billion).[6][7]

Subsidiaries

The bank has two subsidiaries, owned 100%, namely:

Ownership

The bank's stock is owned by the following sovereign and corporate entities:[10]

Development Bank of Rwanda Stock Ownership'
Rank Name of OwnerPercentage Ownership
1Government of Rwanda
2Rwanda Public Enterprises
3Private Institutions in Rwanda
4Agence française de développement (AFD)
5German Investment Corporation (DEG)
6Netherlands Development Finance Company (FMO)
7Administration Générale de la Coopération au Développement of Belgium (AGCD)
8Bank of Tokyo
Total100.00

Sectors of Operation

The sectors include the following: [11]

Products & Facilities

The Development Bank of Rwanda put great products in front of their customers. These Products are:
Investment Financing

Branches

To bring services closer to the people, the bank maintains branches at the following locations: [12]

Governance

As of August 2015, the following constitute the Board of Directors of the bank:[13]

The following are members of the Senior Management Team at Development Bank of Rwanda, as of August, 2013.

See also

References

  1. ↑ List of Licensed Banks In Rwanda
  2. ↑ BRD Financials In April 2011
  3. ↑ History_of_BRD History of BRD
  4. ↑ "Atlas Mara completes acquisition of BRD". New Times. October 15, 2014. Retrieved October 18, 2014.
  5. ↑ "Atlas Mara Co-Nvest Limited Completion of Acquisition of New Commercial Bank From Development Bank of Rwanda". Market Wired. Atlas Mara Co-Nvest Limited. October 15, 2014. Retrieved October 18, 2014.
  6. ↑ Rwanda: Development Bank Takes Full Control of Housing Bank
  7. ↑ Development Bank of Rwanda Begins Retail Banking Services
  8. ↑ About BRD Development Fund
  9. ↑ Development Bank of Rwanda Takes Full Control of Rwanda Housing Bank
  10. ↑ Shareholders In Development Bank of Rwanda
  11. ↑ Operational Sectors of Development Bank of Rwanda
  12. ↑ Branches of Development Bank of Rwanda
  13. ↑ Key People At Development Bank of Rwanda
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