Actis is reportedly working on plans to exit its 80 % stake in Rwanda-based bank Banque Commerciale du Rwanda (BCR).
The private equity investor backed the privatization of BCR in 2004 in a transaction that valued the bank at $6.05m. The government of Rwanda owns a 19.8 % stake in the bank, while 0.02% is held by undisclosed investors.
Actis is represented on the bank’s board by East Africa director Michael Turner [pictured] and partner Murray Grant.
BCR was incorporated in 1963 as the first commercial bank in Rwanda. Headquartered in Kigali, the bank reported profits of $6.6m (FRw3.9bn) for the year ending December 2010, up 175% from $2.4m in the previous period.
