23rd May 2014 07:54
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; [email protected]; @samuelagini
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