Bank of Kigali picks new CEO as Gatera resigns

Tuesday February 9 2016

Bank of Kigali offices in Rwanda. PHOTO | FILE

Bank of Kigali offices in Rwanda. PHOTO | FILE | NATION MEDIA GROUP

By Ivan R. Mugisha

Bank of Kigali (BK), Rwanda’s largest bank by assets, has picked Diane Karusisi as its new managing director following the resignation of James Gatera, as it strategises to stay at the apex of the country’s banking sector.

Mr Gatera’s vacation of office, after close to nine years at the helm, was announced Monday by the bank’s Board.

“The board accepted his resignation to take effect from the date when the incoming chief executive officer is approved by the central bank,” said the Board.

Although BK said his new position “will be announced in the near future,” The EastAfrican learnt that Mr Gatera could replace Jack Kayonga, the CEO and chairman of Crystal Ventures – the ruling party’s (RPF) investment arm, which has a portfolio of shareholdings in at least 12 large local firms including Inyange Industries, Bourbon Coffee, Ruliba Clays.

Dr Karusisi has previously worked as a senior advisor to the supervisor-general of the National Institute of Statistics of Rwanda and as deputy chairperson of the board of governors for University of Rwanda.

She holds a PhD in Statistics from University of Fribourg, Switzerland, and has also worked as a fixed earnings profile engineer at Credit Suisse, Zurich.

Bank of Kigali is the largest commercial bank in Rwanda by assets – and as of December 2014, its total assets were recorded at $704.54 million, while its shareholders' equity stood at approximately $130.73 million.