Actis Exits Banque Commerciale du Rwanda

Kigali, Rwanda (ots/PRNewswire) -

Actis, the pan-emerging markets private equity firm, and the
Government of Rwanda today confirmed the sale of Actis's interest in
Banque Commerciale du Rwanda ('BCR') to Kenyan regional bank, I&M
Bank Limited ('I&M'), and French and German development finance
institutions, Proparco and DEG.

Rwanda's Minister of Finance and Economic Planning, Hon. John
Rwangombwa heralded the sale of the country's second largest bank as
a privatisation success story for Africa.

BCR has been named 'Best Bank in Rwanda' by Global Finance
Magazine for the last five years. The purchase of BCR by regional
banking group I&M is the natural next stage in its journey to become
a leading East African financial institution.

Actis acquired an 80% interest in BCR in a 2004 privatisation,
with the remaining 20% interest retained by the Government of Rwanda.
When Actis invested, Rwanda was a post-conflict economy; it is now an
attractive investment destination with a strong financial
infrastructure and a robust regulatory system.

Actis is grateful for the strong support it has received from
both the Rwandan Government and the regulators throughout the term of
this investment.

Speaking on the sale, Rwanda's Minister of Finance and Economic
Planning, Hon. John Rwangombwa said: "The successful equity exit of
Actis reflects the investment opportunities that the Rwandan
Government has helped foster. The privatisation of Banque Commerciale
du Rwanda in 2004 through a private equity investment was the first
of its type in the Rwanda banking sector and has been highly
successful. I take this opportunity to welcome the new investors I&M
Bank Limited, Proparco and DEG. This new sale is a testament to the
attractiveness of Rwanda as an investment destination. Rwanda is
committed to creating a financial sector that is inclusive and
accessible to allow Rwandans to take advantages of all its services."

Actis's strategy at BCR was to strengthen the management team and
introduce a world-class board. Recruiting and training local Rwandan
staff to create a centre of excellence within the country's banking
sector was a priority. Actis broadened BCR's range of services with a
particular focus on SMEs, mortgage finance, and innovative leasing
and savings products.

Paul Fletcher, Senior Partner of Actis said: "The story of BCR is
the story of Rwanda's success. If we think back to 2003/4, the
financial services sector was largely undeveloped and in need of
capital; a large proportion of the population was unbanked. There has
been extraordinary progress in the past eight years with the creation
of a growing and competitive financial services industry at the heart
of a thriving economy."

Actis remains strongly committed to East Africa with over US$300m
currently invested in the region and an intention to put at least
US$200m to work over the next four years.

Notes to Editors

- Actis made its investment in BCR from two funds, Actis Africa Fund 2 and
The Canada Investment Fund for Africa; thereby enabling BCR to benefit from both the
investment of British government capital via CDC, and Canadian government capital
managed by Cordiant.

- Current Actis investments in East Africa include Ugandan electricity
distributor, Umeme, and bank, DFCU; Kenyan power generator, Tsavo, as well as a suite
of real estate investments including Nairobi Business Park, and Capital Properties in
Dar es Salaam.

About Actis

Actis invests exclusively in the emerging markets with a growing
portfolio of investments in Asia, Africa and Latin America; it
currently has US$5bn funds under management. Combining the expertise
of over 100 investment professionals on the ground in nine countries,
Actis identifies investment opportunities in three areas: private
equity, energy and real estate.

Actis has close to US$1.5 billion invested in 18 African
countries and 32 investment professionals working from offices in
Cairo, Johannesburg, Lagos, London and Nairobi.

Actis is proud to actively and positively grow the value of those
companies in which it invests and in so doing contribute to broader
society. http://www.act.is

Claire Davies
cdavies@act.is
+44(0)7887-521-993
Alastair Fairbrother / Haw-Yan Man
Actis@fishburn-hedges.co.uk
+44(0)207839-4321

ots Originaltext: Actis
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