Diamond's Atlas Mara To Acquire Commercial Arm Of Rwandan Bank
LONDON (Alliance News) - Atlas Mara Co-Nvest Ltd, the investment firm
co-founded by former Barclays PLC Chief Executive Bob Diamond, Friday
said it has agreed to acquire the government of Rwanda's 77% stake in
the commercial arm of the Development Bank of Rwanda.
The news comes after Atlas Mara and the Rwandan government signed an
agreement to pursue the commercial arm's privatisation.
"This is a significant step in Atlas Mara's objective to become a
leading financial services group in sub-Saharan Africa. When
completed, the transaction will broaden Atlas Mara's footprint in the
East African Community," Atlas Mara said in a statement.
aAtlas Mara was founded by Diamond and the founder of Mara Group
Holdings Ltd, Ashish Thakkar. It is investing in financial
institutions in Africa as European lenders retreat from the continent
due to the pressures of meeting new international regulations on
capital and liquidity requirements.
Since raising USD325.0 million in its December initial public
offering, Atlas Mara has agreed to acquire ABC Holdings Ltd and ADC
African Development Corporation AG for a sum that could reach USD265.0
million in cash an shares, announced plans to raise a further USD400.0
million in a private share placing, and poached Chief Executive John
Vitalo from Diamond's old stomping ground, Barclays, where he was the
Middle East and North Africa chief executive.
Atlas Mara shares are currently suspended from trading.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
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