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Founded in 1963 as Banque Commerciale du Rwanda and acquired by I&M Group in 2012, I&M Rwanda (RSE:IMR) is the second largest bank in Rwanda with a market share of just over 10%. Through its fourteen branches around the country, the bank offers a full range of banking services all over Rwanda, with a strong focus on corporates and SMEs. I&M Rwanda has been listed on the Rwanda Stock Exchange since 2017, and is a long-time partner of development finance institutions, especially IFC, Proparco and DEG.

With this investment, Mr Gatera indirectly becomes the third largest shareholder of I&M Rwanda, after I&M Group and Africinvest. Mr Gatera, one of the prominent entrepreneurs in Rwanda, operates in various industries, ranging from petroleum distribution to agribusiness and finance. His experience of the Rwandan economy will prove a valuable support to I&M Rwanda: “We are happy to partner with I&M Rwanda, there is a lot of synergies to develop with our group. I&M Rwanda has a long experience in working with corporates and I am sure we will mutually benefit from this partnership.” said Mr Gatera.


Enexus Finance acted as financial advisor to Kibo. Julien Lefilleur, managing partner of Enexus Finance, commented: "We are pleased to have supported Kibo in this sale to Mr Gatera’s group. Mr Gatera’s experience of the Rwandan market will certainly prove a valuable asset for I&M”.


About Egide Gatera

Mr Egide Gatera is a leading businessman with diversified interests in Rwanda and East Africa. He is the founding shareholder of the oil company SP (Société Pétrolière), which imports and distributes petroleum products in East Africa, in partnership with oil majors such as BP, Shell and BB Energy. Mr Gatera also owns the agribusiness company Rwanda Mountain Tea (RMT) which produces and exports Rwandan tea. Mr Gatera also holds diversified interests in the banking and insurance industries in Rwanda, as well in real estate, tourism and energy.


About Kibo

Kibo Capital Partners is a private equity management company domiciled in Mauritius. Kibo Capital Partners is a venture between Ciel
Finance, the financial services arm of CIEL Limited and the firm’s management team. Kibo Capital Partners has currently two funds under
management with assets totaling USD 100 million. Kibo funds target growth companies in Eastern and Southern Africa and the islands of
the Indian Ocean.