Will BCR still top Bank of the year 2007 in Rwanda?
The commercial Bank of Rwanda (BCR) was named bank of the year 2006 for Rwanda by the prestigious The Banker Magazine. Organized by the respected Financial Times (FT) of London, the emerging bank was noted for having turned the financial institution to become a market leader in a relatively shot span of time. The question relics will Commercial Bank of Rwanda again remains the bank of the year 2007? 2006s annual award ceremony was held at the Dorchester Hotel London on November 30th was attended by Bank chief executive officers and managers from 140 countries around the world. At the ward its chief financial officer, Mr. Chemo Gaye, represented BCR. Speaking during a press conference held at the BCR headquarters in Kigali last year, the head of personal banking Mr. Gilbert lamented ‘ it was gratifying for the bank to have won such a award without lobbying for it’.  BCR was privatized less than two years ago and they have been able to achieve such performance through innovative modern banking financial and better image said Gilbert. BCR was previously owned by the government of Rwanda and later privatized with an 80% controlling stake sold to Actis, a leading private equity investor in emerging markets with head offices in London. This ground breaking investment, brokered by the Rwanda Investment and Export Promotion Agency that made the link was Rwanda major privatization deal in 2004. Since investing Actis has helped to bring in world class best practices by implementing anti-money laundering, credit and compliance policies and improving system and operation control, which helps visitors on tourism safaris without Rwandan cash made easier. With the new introduced management and board who have extensive international and African banking experience, there is credit cards, Visas among others for not only Business travelers but also tourists in visiting the Gorilla regions of Parc de nationale Volcano’s commonly known as The Gorillas of Virunga among other tourists sites of Rwanda. While a lot of progress has been made, the BCR is still some way to achieving the desired objectives of customer service, supporting national development and providing return to their stakeholders.
