He made the remarks today while addressing the press about BPR's development partnership with Norfund, the Norwegian Investment Fund for Developing Countries, FMO, the Dutch development bank and Rabobank, a Dutch cooperative bank as a new shareholder.

 

"BPR welcomes this partnership as important for our company and as a contributor to building a stronger financial sector in sub-Saharan Africa," said Anand.

 

He added that this change will offer several opportunities similar to Rabobank, stressing the partnership will be a proactive shareholder providing knowledgeable board members and dedicated experts which will take BPR to a high level.

 

Norfund, FMO and Rabobank currently hold stakes in several financial service providers (FSPs) in Sub-Saharan Africa which they agreed to pool together. The ambition of the partnership is to build strong, locally owned FSPs that serve small and medium enterprises (SMEs), the rural sector and clients who have not previously had access to financial services.

 

"We want to improve BPR and add value to SMEs, and to invest in the agriculture sector which has not been getting support," Anand added.

 

Ronald Musoni, head of legal and compliance and governance at BPR, said the partnership which will be firmly rooted in Africa, will result into consolidation of their respective portfolios by creating an investment and development method under joint ownership.

 

"The new company - to be named Arise - will start in over 20 countries with assets worth $ 660 million; it is anticipated to grow to $ 1 billion. Capital will be allocated to support current investee companies as well as new minority investments on the market. Arise will be in operation from January, 1, 2017," Musoni said.

 

This year Atlas Mara invested about Rwf15.3 billion in BPR and merged it with BRD Commercial Bank Ltd, part of Development Bank of Rwanda (BRD) which was fully owned by Mara Group.

Source : allafrica.com