Type Parastatal Website Homepage | Founded 1967 | |
Key people Francis MugishaChairmanAlex KanyankoleChief Executive Officer Products Long Term Finance, Financial Advisory Services, Management Services, Export/Import Finance, Capacity Building, Trade Finance, Leasing Mortgage Finance Total assets US$122 million (RWF:72 billion) (2011) | ||
Development Bank of Rwanda, commonly referred to by its French name Banque Rwandaise de Développement (BRD), is a development bank in Rwanda. It is one of the banks licensed by the National Bank of Rwanda, the national banking regulator.
Contents
Overview
The bank began its operations in 1967, as a long-term financial services provider, with the financing geared towards national development projects. As of April 2011, the total asset valuation of the bank was approximately US$122 million (RWF:72 billion), with shareholders equity of approximately US$42.3 million (RWF:25 billion)
History
Development Bank of Rwanda, “BRD” is a public company, with a share cpital of RWF:7,808,931,000 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 (RWF:14 billion).
Subsidiaries
The bank has two subsidiaries, owned 100%, namely:
Ownership
The bank's stock is owned by the following sovereign and corporate entities:
Sectors of Operation
The sectors include the following:
Products & Facilities
The Development Bank of Rwanda put great products in front of their customers. These Products are:
Investment Financing
Branches
To bring services closer to the people, the bank maintains branches at the following locations:
Governance
As of August 2015, the following constitute the Board of Directors of the bank:
The following are members of the Senior Management Team at Development Bank of Rwanda, as of August, 2013.