Rwandan Development, Housing Bank Banks Merge, New Times Says

The Rwandan Development Bank took control of Banque de l’Habitat du Rwanda as part of a plan to boost mortgage lending in the East African country, the New Times reported, citing Finance Minister John Rwangombwa.

The merged operations of the two state-owned institutions will have a combined asset value of 72 billion Rwandan francs ($120 million), the Kigali-based newspaper said.

Mortgage lending in Rwanda is currently about 15 percent to 20 percent of the 420 billion-franc loan book of commercial banks in the country, the newspaper said.

To contact the reporter on this story: Heather Murdock in Kigali via Nairobi at pmrichardson@bloomberg.net.

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net.

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