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Rwanda's Bank of Kigali plans Kenya cross-listing

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Rwanda's Bank of Kigali plans Kenya cross-listing

Rwanda's Bank of Kigali Ltd. is planning a cross-listing on Kenya's Nairobi Securities Exchange in the second half, its chairman told shareholders May 18, according to Reuters.

Chairman Marc Holtzman said the bank, already listed at home, would look to raise $60 million to $70 million via the Nairobi listing and domestically. He noted that average daily turnover on the Nairobi exchange is roughly $7 million, compared to $20,000 on the Rwanda bourse, the newswire reported the same day.

CEO Diane Karusisi said $10 million to $20 million of the funding raised would go to IT investments to enable mobile phone-based lending, as well as to the bank's insurance business and for lending, including to projects such as a new airport.

Meanwhile, the bank is in talks with Mauritian insurer Swan General Ltd. over the sale of a 30% stake in its insurance business, Reuters said.