Oversubscribed Bank of Kigali Eyes Uganda Market

Rwanda sold its 45 percent stake in Bank of Kigali for $62.5 million in a heavily oversubscribed initial public offer last August.

Rwandan assets have been attracting plenty of interest as investors bet the central African nation will offer good returns as it develops its economy and capital markets from scratch.

"We will shoot for this year," Lado Gurgenidze, chairman of the bank told Reuters, referring to the planned operations in Kenya, east Africa's biggest economy, and Uganda, which is ranked third in the region.

If licensed, the bank would become the 26th commercial bank to operate in Uganda.

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