A brief history of I&M Bank Rwanda.


The bank  was incorporated on 25th May 1963 as the first commercial bank in Rwanda as Banque Commerciale du Rwanda (BCR). In December 2004, BCR was privatised and acquired by Actis a pan-emerging markets private equity firm and the Government of Rwanda after recapitalization of the Company’s equity, giving ACTIS 80% shareholding. On the 17th July, 2012  an 80% equity buy out of Actis by a consortium comprising of I&M bank – a Kenyan based Bank, and two  European developmental financial institutions –DEG and Proparco led to a re brand of the company to I&M Bank (Rwanda) Limited




Banque Commerciale du Rwanda (“BCR or the Company”) was incorporated on 4 April 1963 as the first commercial bank in all of Rwanda. The Company’s initial capital was RWF15 million, distributed among 15,000 shares outstanding. By October 1987, BCR’s share capital had increased to RWF325 million, which was represented by 230,000 nominal shares outstanding.

The 1994 Genocide against the Tutsi brought forth the destruction of much of the Company’s property and securities. Several normal loans on the books became non-performing loans as many borrowers fled into exile. The combined effects of the exile of debtors and looting of the Company left BCR in a very precarious financial position.

BCR resumed operations in 1995, while many new and existing borrowers returned to Rwanda from exile with the liberating forces. Most new borrowers had no established securities or business track records in Rwanda. The Company extended many unsecured loans to the returning Rwandese refugees, even though many of them had poor credit histories. BCR sustained heavy losses as a result of this lending policy.

In 1999 and 2000, BCR experienced major changes to its shareholder structure and size. It started in 1999 with the departure of three major shareholders (Societe Financiere pour les Pays d’Outre Mer, National Bank of Paris and Dresdner Bank), prompting a modification of the Company’s shareholding structure. Subsequently, in 2000, at its Extraordinary General Meeting, BCR’s shareholders agreed to increase its share capital to RWF2.0 billion due to the Central bank increasing the minimum capital requirements to RWF1.5 billion. The capital increase was funded by the two largest shareholders, the Rwandan government and Bank Bruxelles Lambert.

BCR was placed under direct Central Bank supervision and later, the government of Rwanda then decided to privatise BCR. An audit in 2003 carried out by Deloitte & Touche for the year 2002 revealed that BCR had a net cumulative loss of RWF5.6 billion, thus eroding all of BCR’s share capital. The central bank intervened and mandated that BCR either be recapitalised or be liquidated. The shareholders of the bank decided to increase the share capital to RWF7.6 billion, but only the government agreed to subscribe for the additional capital raise. Thus, BCR became 86.8% owned by the Government of Rwanda, as opposed to 49.4% before the increase in share capital.

In December 2004, Actis acquired BCR after a recapitalization of the Company’s equity. At the time, the ordinary share capital of the Company was RWF3.5 billion. On 19 December 2007, at its Extraordinary General Meeting, the shareholders agreed to raise the ordinary share capital to RWF 5 billion. As a result, the Company issued notes with a face value of RWF5 billion. Since Actis’ acquisition of an 80% share in BCR, the Company has grown rapidly over the last few years and is now one of the leading banking institutions in Rwanda. As of 31 December 2007, BCR’s assets totaled RWF101.3 billion, with total outstanding loans of RWF53.5 billion and equity of RWF8.8 billion.

However, at the beginning of December 2004, Actis, a private investment company acquired BCR after the recapitalization of the equity share of the bank. The ordinary share capital of the bank came to RwF 3,478,750,000.

After the Extraordinary General Meeting of BCR held on 19th December 2007, the ordinary share capital of the Bank was increased to RwF 5,000,000,000.his



I&M Bank group established in 1974 now comprises of I&M Bank Limited in Kenya, I&M Bank (T) Limited in Tanzania, Bank One Limited in Mauritius and I&M Bank Rwanda Limited in Rwanda.


  • 1974

    Investments & Mortgages Limited was formed and was based in Phoenix House. "I&M" as it was known, provided a much needed personalised financial service for Nairobi's business community.

  • 1980

    Formally registered as a Financial Institution under Banking Act and moved offices to Investment House, Kenyatta Avenue.

  • 1996

    Following changes in the Central Bank of Kenya regulation, I&M formally converted into a commercial bank on 1st April 1996. This change coincided with a move to a more modern setting on Koinange Street.

  • 1999

    I&M was in the process of a major restructuring exercise in 1999 to coincide with completion of 25 years of "I&M" name. The changes were initiated by the launch of a small, but important change - a new logo. This was intended to highlight I&M's evolution from a finance company into a commercial bank. I&M’s head offices were relocated to the prestigious I&M Bank House on 2nd Ngong Avenue, Nairobi-Kenya. This modern, spacious building was been designed and built to fulfill the needs of our customers.

  • 2002

    The new Main branch of I&M opened at the glittering 16 storey I&M Bank Tower located at the heart of the Central Business District of Nairobi-Kenya.

  • 2003

    I&M acquired the assets of Biashara Bank of Kenya Limited. This merger resulted in increased market share, profitability and efficiency.

  • 2007

    DEG and PROPARCO, two leading international development financial institutions, invested K.Shs.377 million to acquire 11.96% shareholding in I&M.

  • 2008

    In February 2008, I&M acquired 50% shareholding in First City Bank (FCB) Limited, through a joint venture with the CIEL Group, Mauritius. FCB has subsequently rebranded itself as Bank One Limited.

  • 2010

    In January 2010, I&M Bank announced its entry into commercial banking in Tanzania with the acquisition of a majority stake in CF Union Bank Ltd (CFUB). Also participating in the equity buy-out was PROPARCO, a French Development Financial Institution, and an existing shareholder of I&M Bank together with The Kibo Fund and a well known and respected Tanzanian businessman Mr. Michael N Shirima who is a significant shareholder of Precision Air, the Tanzanian national airline.

  • 2012

    I&M Bank enters Rwanda with the acquisition of a majority shareholding in I&M Bank Rwanda, in consortium with Proparco and DEG.


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