Home

Diamond to take control of Bank of Rwanda

7-Apr-14
Diamond to take control of Bank of Rwanda

Bob Diamond deepened his bet on the African banking industry , announced on Sunday an agreement to buy a controlling stake in the lender in Rwanda only a few days later, he signed an agreement worth 265 meters , based on the purchase of Botswana the Banc ABC.
Former chief executive of Barclays Bank , who launched last year to invest in banks Atlas charisma to pull Africa , said the company plans to acquire the company owns 77 percent of Kigali Rwanda Development Bank .

The agreement will see the bank split into two arms: First, the government has focused on the development and commercialization aspects of privatization later this year, is controlled by Atlas Mara.
Diamond believes that Rwanda could become a springboard for expansion into the booming market in East Africa, including regional champions Kenya.
International banking investments, Rwanda, marking 20 years of Hutu extremists launched genocide, killing nearly one meter of Tutsis and their Hutu sympathizers, undermine state.

Since then, the small mountain country, led by President Paul Kagame, a former guerrilla army refugee leaders staged a remarkable recovery, rebuilding infrastructure, reduce poverty, and trying to weave together the people, despite the history of racial hatred.

In Atlas charismatic pull, Uganda -born entrepreneur Ashish THAKKAR Diamond trading partner two years ago in the massacre of refugees.
Claver Gatete, the Rwandan Minister of Finance said that the 20th anniversary is a time to celebrate the achievements of the country, and said: . “Nothing good card own genocide refugee children, returned to his hometown and we are proud to let us unite with him, the journey continues in Rwanda is a leading financial service center.”

In the absence of abundant natural resources and constraints of the land, Mr. Kagame has sought to learn the country of Singapore, focusing on the development of landlocked countries as a highly efficient service hub.

Rwanda marks some of the best scores of enterprise reform, and has developed a high-tech Internet services, a national airline, a tiny stock exchange and decent roads.
The years since the genocide both the ruling party and the army stripped of their commercial companies, everything from bottled water, coffee and roof tiles and security.

Analysts dub these companies ' Party statals " and diplomats say , could percent in state hands , making it difficult for the private sector to compete and limit the inflow of foreign direct investment up to 80 percent of the economy.
Diamond believes that investment in Botswana and Rwanda as his African adventure is just beginning. “This is the beginning, " he said in an interview in Kigali. “Look in the space."