Kibo Capital Partners announced Monday, June 28, that it had sold all of its 6% stake in I&M Bank Rwanda (IMR), the country’s second largest commercial bank. This operation marks the full exit of The Kibo Fund II LLC, which had Enexus Finance as its financial advisor.
The private equity management firm said it has seen IMR consolidate its market position throughout its investment period. The bank, she points out, has strengthened its value proposition in a full range of banking services, and has also successfully implemented a digitization strategy by investing in a new core banking system aimed at providing a continuation digital solutions to its customers.
“The fund is happy to have invested in the bank at the time of the IPO, a key moment in the bank’s expansion strategy, and has subsequently supported it in the growth of its clientele and s ‘is engaged in a process of digitization and innovation to better serve the Rwandan market, ”said Thierry Hugnin, Managing Partner of Kibo Capital Partners Ltd.
As a reminder, the Mauritius-based private equity firm acquired a stake in I&M Bank in April 2017 as part of the successful IPO of the Kigali-based bank.