Kibo Capital Partners is pleased to announce that it has completed the sale of its 6.01% stake in I&M Bank Rwanda (IMR), the second largest bank in Rwanda.
The acquisition was made in April 2017 by The Kibo Fund II LLC as part of the Banks’s successful IPO. Throughout its investment period, Kibo Capital Partners saw IMR consolidate its position as a market leader by strengthening its value proposition in a full range of banking services; it also implemented successfully a digitalization strategy by investing in a new core banking system aimed at providing a suite of digital solutions to its customers.
According to Thierry Hugnin, Managing Partner of Kibo Capital Partners Ltd “the Fund is pleased to have invested in the bank at the time of the IPO, a key moment in the bank’s expansion strategy, and supported it thereafter as it grew its customer base and embarked on a process of digitalization and innovation to better serve the Rwanda market”
This exit marks the first full exit of The Kibo Fund II LLC.
Enexus Finance acted as financial advisor of Kibo Capital Partners in the transaction.