The Chairman board of Directors of Rwanda’s largest bank, bank of Kigali has resigned and has been immediately replaced.
“Our Chairman resigns at the end of his service contract having served on Board since 2009.Congrats Marc Holtzman, new chairman,” the Bank announced on twitter after Lado Gurgenidze resigned.
Marc Holtzman has been serving as a director on the eight-member board of directors.
Bank of Kigali is the largest bank by far in Rwanda. According to the first quarter of 2015, the value of the Bank’s assets was Rwf498 billion.
The report also indicated that in the same quarter it made a net profit of Rwf 5.3 billion although in the same period in 2014 it generated a net profit of Rwf 18.3 billion.
Customers’ deposits by the first Quarter of this year were worth Rwf 338.9 billion.
According to the bank management, they operate 70 branches and over 76 ATM machines across the country.
Initially Bank of Kigali was founded as a joint venture between the Government of Rwanda and Belgolaise, with each owning 50% of the ordinary share capital.
In 1967, the Bank commenced its operations with its first branch in Kigali. Belgolaise was a subsidiary of Fortis Bank operating in Sub-Saharan Africa and in 2005 began to withdraw from its operations in Africa in line with Fortis’ strategy.
In 2007 the Government of Rwanda acquired the Belgolaise shareholding in Bank of Kigali, thereby increasing its direct and indirect shareholding in the Bank to 100% of the entire Issued Shares.
The Bank In 2011 changed its name under the new law relating to companies from Bank of Kigali S.A to Bank of Kigali Limited.
In 2012 Bank of Kigali was recognised as the best East African Bank at the 6th Annual African Banker Awards.