({{KT Press}})-{Sanjeev Anand, the outgoing I&M Bank Managing Director, who resigned Thursday morning from his lucrative job, is scheduled to head a new mega bank.}<\/p>\n
The bank will be established by Atlas Mara, a rapidly growing sub-Saharan African financial services group belonging to the Mara Group co-founder by Africa\u2019s youngest milioare, Ashish Thakkar, a close friend to President Paul Kagame.<\/p>\n
The new bank , whose name has not be unveiled, will be a merger between BRD Commercial Bank and Banque Populaire du Rwanda (BPR) both acquired by Atlas Mara.<\/p>\n
On April 25, Atlas Mara said it had successfully acquired 45% stake in BPR after injecting $22.5 million. Atlas Mara looked forward to increasing their share in BPR upto 70%.<\/p>\n
With his vast experience Mr. Sanjeev will head Rwanda\u2019s largest bank created out of this merger.<\/p>\n
It will be Rwanda\u2019s largest bank by branch locations and second largest bank by assets with combined assets of approximately $305 million.<\/p>\n
The shrewed banker has over 25 years of experience in corporate, investment and retail banking.<\/p>\n
He has worked along with governments, private and public sector, DFI\u2019s and multilateral agencies on handling sovereign debt issues, infrastructure financing and other development initiatives in Africa.<\/p>\n
Financial experts say Sanjeev is an excellent financial institutions manager with an impressive CV.<\/p>\n
Prior to joining I&M Bank Rwanda, Sanjeev was employed as an international staff with Citibank where he worked in various businesses globally and held a number of CEO and other senior appointments with Citibank across Asia, Africa and Europe.<\/p>\n
Meanwhile, Atlas Mara acquired the juicy Rwandan banks by way of four transactions, control of (or significant stakes in) banking operations in seven sub-Saharan African countries, several of which rank amongst the fastest growing countries in the world.<\/p>\n
The group said that although sub-Saharan Africa is experiencing broad-based economic growth and locally-driven innovation on the one hand, there is a retreat of multi-national banking groups and a lack of access to capital, liquidity and funding by local and regional banks on the other.<\/p>\n
The financial group, therefore, seeks to invest in infrastructure to support inter- and intra-regional trade good governance customer-centric, innovative, inclusive financial services.<\/p>\n","protected":false},"excerpt":{"rendered":"
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