A firm linked to former Barclays executive Bob Diamond is expanding its footprint on the continent with the acquisition of a second Rwandan bank.
The EastAfrican has learnt that the London Stock Exchange-listed Atlas Mara is at an advanced stages of finalising the acquisition of the majority stake in Banque Populaire du Rwanda (BPR), which effectively increases its presence in the country’s banking industry following last year’s purchase of some assets of Rwanda Development Bank (BRD).
The firm also has interests in Botswana, Mozambique, Tanzania, Zambia, Zimbabwe and Nigeria.
Atlas Mara was formed by Mr Diamond and Ashish J. Thakkar, one of the richest men in Africa, with family ties in Uganda, and listed on the main market of the London Stock Exchange in December 2013. Its strategy is to acquire targeted banks in Africa where it hopes to become a leading financial services group.
“The actual takeover is expected on May 1, and we expect a major restructuring afterwards,” a source privy to the deal told The EastAfrican, but would not divulge details of the acquisition.
BPR posted a Rwf403.2 million ($0.58 million) half-year net profit last year, a recovery from a Rwf1.8 billion ($2.6 million) loss recorded during the same period in 2013, according to the bank’s financial statements.
The bank recorded a rise in total assets and liabilities from Rwf157.4 billion ($227.7 million) in 2013 to Rwf168.3 billion ($243.5 million) during the same period last year.
Industry players say Atlas Mara’s acquisition of a 90 per cent stake in Rwanda’s biggest commercial bank by customer base, could serve as a launch pad into other East African countries.
The East African
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