Rwanda Development Bank
Development Bank of Rwanda, commonly referred to by its French name Banque Rwandaise de Développement , is a development bank in Rwanda. It is one of the banks licensed by the National Bank of Rwanda, the national banking regulator.
Overview
The bank began its operations in 1967, as a long-term financial services provider, with the financing geared towards national development projects., the total asset valuation of the bank was approximately US$122 million, with shareholders equity of approximately US$42.3 millionHistory
Development Bank of Rwanda, “BRD” is a public company, with a share capital of RWF:57,808,931,000 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.
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. 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.
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.
Subsidiaries
The bank has two subsidiaries, owned 100%, namely:- BRD Development Fund - A development fund
- Housing Bank of Rwanda - Development Bank of Rwanda took full control in April 2011
Ownership
Rank | Name of Owner | Percentage Ownership |
1 | Government of Rwanda | |
2 | Rwanda Public Enterprises | |
3 | Private Institutions in Rwanda | |
4 | Agence française de développement | |
5 | German Investment Corporation | |
6 | Netherlands Development Finance Company | |
7 | Administration Générale de la Coopération au Développement of Belgium | |
8 | Bank of Tokyo | |
Total | 100.00 |
Sectors of Operation
The sectors include the following:- Agriculture & livestock;
- Manufacturing industry;
- Education and Health care;
- Energy and Water;
- Hotel and Tourism;
- ICT;
- Transport and related facilities;
- Exports;
- Real Estate
- Micro-finance
Products & Facilities
Investment Financing
- Loans;
- Leasing;
- Equity;
- Refinancing;
- Capacity Building;
- Advisory
Branches
- Main Branch - Kigali
Governance
- Francis Mugisha - Chairman of the Board
- Athanase Rutabingwa - Director
- Agnes Kanyangeyo - Director
- Eric Rwigamba - Director
- Antonina Kayitesi Rutembesa - Director
- Athanase Rutabingwa - Director
- Cyrille Hategekimana - Director
- Eric Gasana Kwizera - Director
- Patrick Mwesige - Director
- Eric Rutabana - Chief Executive Officer
- Benjamin Manzi - Chief Finance Officer
- Lilliane U. Igihozo - Chief Operations Officer
- Blaise Pascal Gasabira - Chief Strategy Officer
- Odeth Mbabazi Chief Human Capital and Administration Services
- Loyce K. BAMWINE - Company Secretary & General Counsel
- Jules Mukulira - Ag. Chief Risk Officer
- Bosco MKOMBOZI Karake Chief Internal Auditor