Rwanda’s banking sector is bracing for a major disruption following a juicy deal between two financial giants; a Kenyan and a top British American investment banker.
Experts in the sector are anxious about this deal and argue that if it goes through as highly anticipated, then it will most likely shake the core of Rwanda’s commercial banking sector.
Former CEO of Barclays Plc Bob Diamond and his partner Ashish Thakar partners in a finance vehicle known as Atlas Mara Group they created in 2013 are in the process of sealing a high stakes deal with Kenyan top banker Dr James Mwangi CEO of Equity Group Holdings Ltd.
Among those waiting for conclusion of this deal includes Dr Diane Karusisi CEO of BK Group- Rwanda’s number one commercial banker for last 3 years, a former senior technocrat of the government of Rwanda for over 7 years and former fixed income trader at Credit Suisse.
Others on the lookout are; Maurice Toroitich first CEO of KCB Rwanda and currently CEO for last 2 years at BPR. Hannington Namara CEO Equity Bank Rwanda a former top executive at BCR now I&M Bank Rwanda for over 8 years.
Another banker upbeat about this new deal is Robin Bairstow a former top executive of Standard Chartered Bank for over 15 years whose executive corner as CEO I&M Bank Rwanda is at I&M Bank House.
Of course, the governor of Central Bank of Rwanda John Rwangombwa is naturally a person of interest in this deal.
In our analysis, we will attempt to show how with signing of the deal the long arm of Dr James Mwangi with capacity, political connection, financial muscle and rich experience is very keen on orchestrating a radical change in Rwandan banking sector starting from the year 2020.
Dr Mwangi will very likely disrupt the status quo before end year 2020 at the back of Bob Diamond’s exit.
One of the very likely effects of the deal is that a merged BPR and Equity Bank Rwanda entity will most likely give BK currently number one commercial bank a sure run for its money in the market.
As for I&M Bank Rwanda it is an almost foregone conclusion that it will be relegated to third position from second position.It all started with a story early last year that Atlas Mara Group was drastically scaling down their businesses in Africa and Rwanda included. US$105million Mergers and Acquisition Deal In Rwanda, Atlas Mara […]