The bank  was incorporated on 25th May 1963 as the first commercial bank in Rwanda as Banque Commerciale du Rwanda (BCR). In December 2004, BCR was privatised and acquired by Actis a pan-emerging markets private equity firm and the Government of Rwanda after recapitalization of the Company’s equity, giving ACTIS 80% shareholding. On the 17^th July, 2012  an 80% equity buy out of Actis by a consortium comprising of I&M bank –a Kenyan based Bank, and two european developmental financial institutions –DEG and Proparco led to a re brand of the company to I&M Bank (Rwanda) Limited.

Banque Commerciale du Rwanda (“BCR or the Company”) was incorporated on 4 April 1963 as the first commercial bank in all of Rwanda. The Company’s initial capital was RWF15 million, distributed among 15,000 shares outstanding. By October 1987, BCR’s share capital had increased to RWF325 million, which was represented by 230,000 nominal shares outstanding.

The 1994 Genocide against the Tutsi brought forth the destruction of much of the Company’s property and securities. Several normal loans on the books became non-performing loans as many borrowers fled into exile. 

BCR resumed operations in 1995, while many new and existing borrowers returned to Rwanda from exile with the liberating forces. 

In 1999 and 2000, BCR experienced major changes to its shareholder structure and size. It started in 1999 with the departure of three major shareholders (Societe Financiere pour les Pays d’Outre Mer, National Bank of Paris and Dresdner Bank), prompting a modification of the Company’s shareholding structure. Subsequently, in 2000, a capital increase was funded by the two largest shareholders, the Rwandan government and Bank Bruxelles Lambert.

BCR was placed under direct Central Bank supervision and later, the government of Rwanda then decided to privatise BCR. Thus, BCR became 86.8% owned by the Government of Rwanda, as opposed to 49.4% before the increase in share capital.

In December 2004, Actis acquired BCR after a recapitalization of the Company’s equity.  Since Actis’ acquisition of an 80% share in BCR, the Company has grown rapidly over the last few years and is now one of the leading banking institutions in Rwanda.