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Moroccan bank targets stake in Bank of Kigali

Morocco’s Banque Centrale Populaire has entered into negotiations with Bank of Kigali to acquire a minority stake in the Rwandan bank.

Bank of Kigali is considering BCP’s offer, but has not yet settled on the sale, the bank’s CEO Diane Karusisi tells Euromoney. The Rwandan bank’s recently held annual general meeting did not touch on the subject of BCP, so the process has not yet been set in motion.

Of the possible sale, Karusisi says: “It may not happen soon, and it may not happen at all.”

Bank of Kigali is listed on the Rwandan stock exchange, where it is one of the largest stocks. If the transaction were to go ahead, it would involve a block sale of new shares to BCP.

Bank of Kigali aims to raise $175 million over the next 18 months, to increase its capital. That could be achieved through a stake sale to BCP, or alternatively through a cross-listing on another exchange. The bank is considering Nairobi, Johannesburg and London as potential destinations.

The bank has not yet made its mind up between BCP and the cross-listing, Karusisi says.

John Rwangombwa,
National Bank of

If BCP were to enter Rwanda, it would not be the first Moroccan bank to invest in the country.

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