Atlas Mara to build top Rwandan bank | Fin24
 
  • Another VAT hike?

    Absa warns that govt may again announce an increase in value added tax in next month's Budget.

  • SA Revenue Service

    The tax agency says a unit that tackles illicit financial flows has recovered R2.6bn since April 2019.

  • State Capture Inquiry

    Former Eskom chairperson Zola Tsotsi says Tony Gupta threatened to have him removed.

Loading...

Atlas Mara to build top Rwandan bank

Apr 27 2015 15:00

London - Atlas Mara, the African bank co-founded by former Barclays boss Bob Diamond, is in talks to invest $22.5m in Banque Populaire du Rwanda (BPR) and merge it with its existing Rwandan bank.

Atlas Mara said on Monday if successfully concluded it will own 45% of BPR and plans to buy shares from other local shareholders to lift its stake to more than 70%. It plans to merge it with BRD Commercial Bank, which it bought last year.

The merger would create Rwanda's largest bank by branch locations and second largest bank by assets with combined assets of approximately $305m, Atlas Mara said.

BPR's existing shareholders include Dutch lender Rabobank, which Atlas Mara said it intends to work with.

Atlas Mara, founded in 2013, said last month it was considering more acquisitions as part of its plan to become sub-Saharan Africa's leading bank. After a series of deals it has operations or interests across seven countries, including Botswana, Nigeria and Zimbabwe.

 

bob diamond  |  rwanda  |  banking  |  financial services
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote

Loading...