Government to offload all its shares in local banks

On 4 December 2017 at 04:29

After selling its shares in I&M Bank, the Minister of Finance and Economic Planning, Amb. Claver Gatete has said that the government will continue to sell its shares in different banks operating in the country.

Gatete announced the move on Friday in Kigali while speaking to Rwandan based bank managers.

In March the government sold a total of 99,030,400 shares, 19.81% in I&M Bank as part of initiatives in raising Rwf11.5 billion for use in construction works of New Bugesera International Airport.

Gatete said that in past years, despite being direct partner, the government invested efforts in promoting financial sector through skills and ICT development.

“The more this sector continues to grow, the more the government has offloaded its shares to private investors,” he explained.

“Government’s shares in Bank of Kigali were sold to private investors, we sold our I&M Bank shares and we intend to sell others from different banks in the near future,” he added.

However, Gatete assured financiers that the sector will be boosted as the government wishes to change the country into an International Financial Hub.

“I don’t think that we can become international financial hub when you are managing the current properties. More properties will come from outside, today you should prepare to manage them by starting with what you already have,” he said.

The Central Bank Governor, John Rwangombwa called upon banks to build expertise in financial services sector.

“I would like to request you to invest in employees’ capacity building , skills development, increase experts and services promotion,” he urged.

The Minister of Finance and Economic Planning, Amb. Claver Gatete