The following is a timeline of events leading to the acquisition of a portion of BRD’s assets to Atlas Mara
6th April 2014
The Government of Rwanda, Rwanda Social Security Board (“RSSB”), National Agricultural Export Development Board (“NAEB”), and Development Bank of Rwanda (“BRD”) have today signed with Atlas Mara Co-Nvest Limited (“Atlas Mara”) a non-binding Memorandum of Understanding to pursue a privatization of the commercial arm of BRD.
10th October 2014
Development Bank of Rwanda (BRD) Ltd completed the sale of a portion of the Bank’s assets to Atlas Mara Co-Nvest Limited in a signing ceremony that took place on 10th October 2014 in Washington DC alongside the 2014 Annual IMF /World Bank Meetings.
The assets entailed in this transaction are made up of the Commercial Banking subsidiary (recently incorporated to run the commercial loan portfolio), the BRD Insurance brokerage firm, and a piece of commercial plot adjacent to the BRD premises.
The commercial bank was recently incorporated following an internal reorganization of the Development Bank of Rwanda (BRD Ltd), which transferred most of its existing commercial banking assets and liabilities into the newly incorporated commercial bank.
BRD Ltd will now refocus its lending to private sectors, communities, SMEs and respond better to the priority development needs in Rwanda’s EDPRS2 where development impact can be clearly monitored and measured thus creating a more development impact.