Board of Directors
Lado Gurgenidze, Chairman
Lado Gurgenidze (42), who has served as Chairman of Bank of Kigali since October 2009, is a career banker who, after a decade spent at several investment banks in Warsaw, Moscow and London, returned to his native Georgia in 2004 and spearheaded, as Executive Chairman and Chief Executive Officer, a turnaround of Bank of Georgia (LSE: BGEO). During Lado’s three-year tenure, the bank’s total assets and net income grew 854% and 1,775%, respectively, achieving ROAA of 3.6% in 2007. As its market share grew from 18% to 34%, Bank of Georgia became the leading universal bank in Georgia and the region, with market capitalisation exceeding US$ 900 million at the time of Lado’s departure (up from less than US$ 30 million at the time of his arrival; share price grew by 1,468%). Bank of Georgia was the first ever issuer from the Caucasus and second FSU bank to list its GDRs on the London Stock Exchange (November 2006, US$ 130 million). In February 2007, Bank of Georgia became the first-ever Georgian entity to issue Eurobonds.
In 2007-2008, Lado served as Prime Minister of Georgia, leading the Georgian economy through the final stage of free-market reforms, including tax cuts, financial services sector reform as well as privatisation and liberalisation policies. In April 2008, Lado led the effort to issue Georgia’s debut sovereign US$500 mln 5yr Eurobond. In the aftermath of the August 2008 conflict with Russia, Lado was instrumental in stabilising the Georgian economy and its financial sector, as well as securing a US$ 750 million IMF stand-by arrangement and a US$ 4.5 billion multi-donor aid package. Some of the largest-ever Georgian privatisation transactions, including the sale of Poti Port and Tbilisi Water Company were concluded under Lado’s leadership. Lado is responsible for bringing in approximately US$ 1 billion of portfolio investments and close to US$ 500 million of FDI. Lado is the only person to have been awarded both St George’s Victory Order (in 2008) and the Presidential Order of Excellence (in 2010) – the two highest civilian honours in Georgia. Since he stepped down as Prime Minister, Lado has been a frequent public speaker on issues of economic liberty and free-market reforms in developing countries.
Since September 2009, Lado has been spearheading the turnaround of Liberty Bank as its Executive Chairman and Chief Executive Officer. In the past three years, Liberty Bank’s total assets grew 202% to US$506.4 million, and its market share by total assets grew from 3.5% to 6.3%. Net Loans grew 345% (vs. 80% for the sector), and the bank’s revenue doubled.
Liberty Bank, currently the fourth largest bank in Georgia has been profitable since 2010 and serves 1.4 million clients through 434 branches and distribution outlets. Liberty Capital, the investment company 91% of which is owned by Lado, owns 80% of Liberty Securities, and, in addition, is the controlling shareholder of Georgia’s first startup incubator, Smartex, which owns controlling stakes in the country’s largest digital wallet and other electronic payments businesses, leading ecommerce players and VoIP provider.
Prior to taking the helm at Bank of Georgia, Lado served as Head of Europe at Putnam Lovell (now part of Jefferies & Company, Inc.) and as Head of Technology Corporate Finance and Head of M&A, Emerging Europe at ABN Amro, advising clients such as SWIFT, Reuters (now Thomson Reuters), Wirtualna Polska (now part of Orange Polska), Marconi, Andrew Corporation, Merloni (renamed Indesit Company), News Corp, Global One (now part of France Telecom), Golden Telecom (now part of Vimpelcom), UPC (now part of Liberty Global) and Philips.
Lado is married with four sons and is a Georgian and British citizen. Lado received his MBA from Goizueta Business School of Emory University in 1993 (and is the recipient of the 2010 Sheth Distinguished International Alumni Award and was named in 2011 as one of 175 Emory History Makers), following undergraduate studies at Middlebury College and Tbilisi State University. In 2006, Lado hosted the licensed Georgian version of The Apprentice TV show, and in 2011 he co-hosted a business reality TV show together with the mayor of Tbilisi and heads of two other large banks. In 2010, Lado served as a judge on the Investment Banking Awards panel of The Banker magazine. Lado currently serves as Co-Chairman of the International School of Economics at Tbilisi State University. In 2011-2012 Lado served as the Non-Executive Director at JSC Partnership Fund, the sovereign wealth fund of Georgia and GeoProMining, a gold, copper and antimony producer with principal assets in Armenia and Russia, and in 2009-2010 he co-chaired the Emory Centre for Alternative Investments.
Angelique Kantengwa, Vice Chair
Angelique Kantengwa is the Director General of the Rwanda Social Security Board, a position she has held since June 2011. Prior to that, she worked for the National Bank of Rwanda for 15 years, during which she served as the Senior Director in charge of Financial Stability and worked on financial sector policy development, regulatory reforms, restructuring, privatization and supervision of financial institutions. She is an economist specializing in financial system reform and development.
Angelique holds a Master's degree in Economics and Social Sciences from Université Catholique Notre Dame de la Paix in Namur and a Master’s degree in Public Administration from Harvard Kennedy School of Government.
Caleb Rwamuganza, Director
Mr. Rwamuganza is the Deputy Accountant General, Treasury management at MINECOFIN. He has extensive experience in the area of Accounting and Finance and has served in the Ministry of Finance and Economic Planning since 2005 in various capacities including Technical Assistant to the Secretary to the Treasury. Prior to that, Caleb was Chief Accountant in the Office of the President.
Mr. Rwamuganza acts as lead Negotiator on Government loans and manages the execution of public debt obligations and implementation of debt related policy matters. Caleb also serves as a Director on the Boards of RwandaAir and the National Post Office of Rwanda.
He holds a Master of Arts degree in Management and Finance from Southampton Solent Southampton University (UK) and Bachelor of Business Administration in Accounting from Nkumba University, Uganda.
Marc Holtzman, Director
Marc is Chairman of Meridian Capital HK, a private equity firm with investments in natural resources, real estate, food, agriculture and transportation. Meridian has offices in Hong Kong, London and Moscow.
Prior to joining Meridian, Mr. Holtzman served as Vice Chairman of Barclays Capital and as Vice Chairman of ABN Amro Bank.
Previously, as co-founder and President of MeesPierson EurAmerica ( a firm which was acquired by ABN Amro ) and as Senior Adviser to Salomon Brother, he lived and worked in Estern Europe and Russia from september 1989 until October 1998.
Mr. Holtzman currently serves as a member of the Board of Directors of FTI Consulting (NYSE); as a member of the Board of Directors of Sistema JSFC, Russia's largest publicly listed investment company. (London Stock Exchange); as a member of the Board of Directors of the Bank of Kigali, Rwanda's largest commercial bank and on the Board of Directors of Indus, an Indian oil and gas company listed on the London AIM.
To further assist with the development of Central Asia’s financial sector, Mr. Holtzman was
appointed by Kazakhstan’s Prime Minister to serve on the Board of Directors of Kazyna --- the
nation’s sovereign wealth fund from 2006 – 2008. In addition, Mr. Holtzman served as a
member of the Board of Trustees of the United States Space Foundation from 2004 – 2010.
From 2003 through 2005, Mr. Holtzman was President of the University of Denver where he
was responsible for the development of the Rocky Mountain Center for Homeland Security.
The University of Denver has approximately 10,000 students and includes the Daniels College
of Business which, during Mr. Holtzman’s tenure, was ranked by The Wall Street Journal as
being among the world’s top fifty MBA programs. Previously, Mr. Holtzman served in the
Cabinet of Governor Bill Owens as Colorado’s first Secretary of Technology.
In addition, Mr. Holtzman was Chairman of Colorado’s Information Management Commission
and Co-Chairman of the Governor’s Commission on Science and Technology. Mr. Holtzman
helped guide Colorado’s economic transformation into a fully diversified technology hub.
During his tenure, Colorado was consistently ranked first among the fifty states in having the
highest percentage of technology workers per thousand in the nation.
Drawing on more than three decades of political and public service in the United States, Mr.
Holtzman has developed close relationships with a wide range of leading governmental and
political leaders around the world. Former Polish President Aleksander Kwasniewski asked
Mr. Holtzman to co-found and serve as a member of the Board of Directors of "Poland for
Europe", a non-partisan, non-profit group which was instrumental in promoting Poland’s early
entry into the European Union. On January 24, 1999, in recognition of his pioneering work
contributing to Eastern Europe's economic resurgence following the fall of the Berlin Wall, then
Polish President Aleksander Kwasniewski presented Mr. Holtzman with The Commander’s
Cross of the Order of Merit --- Poland’s highest civilian honor --- for his service to the country.
On August 29, 2005, in appreciation for his contribution to the development and improvement
of relations between The Russian Federation and The Republic of Tatarstan, then Prime
Minister (and now President) Rustam Minnikhanov of Tatarstan awarded Mr. Holtzman the
Russian Medal, In Commemoration of Millenary of Kazan. Mr. Holtzman is widely recognized as a
leading authority on economic and political
developments in Eastern Europe, Russia, Africa and Asia. As a frequent guest lecturer, Mr.
Holtzman has advocated the process of continued market reforms and democratization before
audiences including the World Economic Development Congress and Harvard University’s
John F. Kennedy School of Government and has appeared as a guest on CNN, ABC News,
Sky News, the British Broadcasting Corporation’s BBC World and CNBC among others.
Mr. Holtzman was co-founder of the Denver School for Science and Technology, a charter
high school which claims the highest percentage of minority and under-privileged students of
any charter high school in Colorado. Mr. Holtzman led the effort to fund the school was
instrumental in persuading Bill and Melinda Gates to make the initial seed contribution.
During the first term of the Reagan Presidency, Mr. Holtzman previously served as Executive
Director of Citizens for America, former President Ronald Reagan’s national issues advocacy
group. In 1989, Mr. Holtzman was nominated by President Reagan to the Peace Corps
National Advisory Council.
Mr. Holtzman is passionate about his work and with the Point Point Foundation --- a UK based
charity which supports Rwandan orphans and is a longtime supporter and former Trustee of
the Colorado Animal Rescue Shelter. He holds a Bachelor of Arts degree in Economics from
Lehigh University and lives with his wife and three children in Hong Kong.
Apollo M. Nkunda, Director
Mr. Nkunda is a practicing Lawyer and a Partner with Trust Law Chambers. He has over fourteen years experience in legal practice from both the Public and Private sector. Apollo specialises in Banking and Finance Law, Labour Law and Government procurement. Prior to joining the Private sector, he was Head of Legal Services at the National Tender Board, now the Rwanda Procurement Authority.
Apollo holds a Master’s degree in Business and Trade Law from Erasmus University Rotterdam, the Netherlands, and a Bachelors of Law from the National University of Rwanda.
He is a member of the Rwanda Bar Association, the East African Law Society, an Associate Member of the Chartered Institute of Purchasing and Supply, a director of Hashi Energy Ltd and honorary counsel to the Kigali Golf Club.
Alphonsine Niyigena, Director
Alphonsine is a business woman with good experience in trade, investment and entrepreneurship in Rwanda and in East African Community. She is Vice Chairperson of the Rwanda Private Sector Federation and Vice Chairperson of East African Business Council which are the umbrella organizations representing the business community respectively in Rwanda and in the East African Countries.
She has acquired strong experience in leadership and corporate governance for having served as Board member of a number of companies. She is the Chairperson of Medical Military Insurance Company (MMI); Board member of Special Guarantee Fund (SGF), Rwanda Institute of Administration and Management (RIAM) and Impact Policy Analysis and Research Institute (IPAR).
Alphonsine is the Managing Director of Worldwide Initiatives SARL; a regional consulting firm registered in Rwanda and has conducted national and international consultancies as an independent consultant in the areas of Finance, Economic Planning, and Audit. Prior to joining the private sector, Alphonsine served in the Office of Auditor General for 5 years as Senior Auditor and team leader.
Alphonsine holds a Master’s Degree in Business Administration majored in Finance from Maastricht University, Netherlands and a Bachelor Degree in economic studies.
Julien Kavaruganda, Director
Julien is a practicing lawyer and Managing Partner of K-Solutions & Partners - one of the leading law firms in Rwanda. He has vast experience in Banking and Finance law, Commercial and corporate law issues, drafting and negotiating contracts to mention but a few.
He is a Board Member of the Kigali Bar Association, Kigali International Arbitration Center and New Bugarama Mining Company Ltd. He is also a member of the East African Law Society. Prior to that he was a corporate lawyer at the Brussels Bar Association. Julien holds a Master’s degree in Law from the Université Catholique de Louvain in Belgium.
Liliane Igihozo, Director
Lillian is the Vice Rector, in charge of Administration and Finance, at the School of Finance and Banking (SFB). Prior to joining SFB, she was the Chief Executive Officer of the Rwanda Investment Group (RIG), the largest private capitalization in Rwanda.
Liliane has project management experience in private and public sectors and in various industries such as railways/high speed train engineering, construction projects, energy, cement manufacturing, education and retail.
She holds a Master's degree in Financial Risk Management and a Bachelor in Business Administration from the Catholic University of Louvain, Belgium and is a Certified International Professional Associate in Project Management from the International Project Management Institute (PMI).