Bank of Kigali in talks to buy local insurer Sonarwa

KIGALI (Reuters) - Bank of Kigali, Rwanda’s biggest lender by assets, is in talks to buy local insurance company Sonarwa, the bank’s chief financial officer said.

“We are still talking to Sonarwa. We will know for sure this year but we have not yet concluded. We have expressed interest for a while,” Nathalie Mpaka, told Reuters by phone.

“The advisers will report to us between three to four weeks. Our next board meeting is August, so by August we should have some proposal to the board,” she said without giving more details.

Nigeria’s Industrial And General Insurance Plc, holds a 35% stake in Sonarwa, which offers aviation, fire, automative and marine insurance.

Founded in 1975, it has an asset base of over 14 billion francs ($15.42 million).

Bank of Kigali’s total assets stood at 877.4 billion francs as of December.

Reporting by Clement Uwiringiyimana; Writing by George Obulutsa. Editing by Jane Merriman