LONDON (Alliance News) - Atlas Mara Ltd on Monday said it has entered into exclusive talks to invest around USD22.5 million in Banque Populaire du Rwanda, which would give the group a 45% stake in the business.
Atlas Mara, the Africa-focused bank investment vehicle set up by former Barclays PLC chief executive Bob Diamond, said it intends to merge Banque Populaire du Rwanda with BRD Commercial Bank Ltd, the Rwandan bank it acquired in 2014.
Atlas said it will also acquire applicable secondary shares from local shareholders following the merger of the two banks, providing it with a 70% controlling stake in the combined entity.
It said the combined bank would be the largest in Rwanda by branch locations and second largest by assets, with total assets of around USD305 million.
"This is a very important transaction for Atlas Mara, and I am excited by the prospect of our second acquisition in Rwanda. We will be the largest bank by branch locations and the second largest by assets in the country, which is one of sub-Saharan Africa's most dynamic economies," said John Vitalo, the chief executive of Atlas Mara.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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