Bank of Kigali Plans to Open Offices in Two East African Nations

Bank of Kigali Ltd., Rwanda’s biggest lender by assets, will open offices in two East African nations before the end of the year as it seeks to expand outside its home market, Chief Executive Officer James Gatera said.

The bank, based in the Rwandan capital, Kigali, has received approval from the central bank to open the outlets, Gatera said in a phone interview today from the city. He declined to identify the two countries.

“We have applied with corresponding central banks and if we get a no-objection confirmation, we will be able to disclose the countries,” he said.

Bank of Kigali posted a 41 percent increase in full-year profit to 8.7 billion francs ($14.3 million) last year as net interest income, the money banks earn from interest charges on loans, jumped 36 percent to 16.6 billion francs.

The bank has 46 branches in Rwanda and offers retail and commercial-banking services to more 100,000 individuals and at least 13,000 legal entities. Total assets grew 47 percent to 291.3 billion francs last year.

To contact the reporter on this story: Saul Butera in Kigali via Nairobi at pmrichardson@bloomberg.net.

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net.

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