KCB Group to spend US$56m in buying two Atlas Mara banks in Rwanda and Tanzania

KENYA – Financial services holding company KCB Group will spend a total of US$56 million to acquire two banks in Rwanda and Tanzania from London-listed Atlas Mara limited. The Nairobi Securities Exchange-listed lender had earlier estimated it would acquire a 62 percent stake in Banque Populaire du Rwanda Plc (BPR) and a 100 percent ownership in African Banking Corporation Tanzania Limited at a cost of US$40 million. The amount has increased after KCB sought to make a full buyout of the Rwandan bank by making an offer to its minority…

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Nigeria’s Access Bank set to buy controlling stake in African Banking Corporation of Botswana

NIGERIA – Access Bank, Nigeria’s biggest lender, has agreed to buy a majority stake in African Banking Corporation of Botswana for cash, a month after acquiring a South African bank. The Nigerian bank will acquire just over 78% of BancABC Botswana for an undisclosed cash sum of around 1.13 times book value as well as a two-year deferred payment, Atlas Mara said in a statement. Access Bank is expanding across the African continent to counter stagflation and dollar shortages in Nigeria that have frustrated businesses, shrinking the lending market. The…

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Access Bank in talks to acquire Atlas Mara Zambia

ZAMBIA – Access Bank Plc of Nigeria is in talks about a potential acquisition of assets belonging to Atlas Mara Ltd. The Lagos-based Access Bank is interested in Atlas Mara’s businesses in Botswana, Zimbabwe and Zambia, the people familiar with the matter have told Lusaka Times. Deliberations are in preliminary stages and no final decision has been made, they said. If successful, Atlas Mara will be left with its largest investment, a 49.97% stake in Union Bank of Nigeria Plc, which gives it a footprint in Africa’s largest economy. A…

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Equity Group cancels US$89m Atlas Mara acquisition deal over Covid-19 Pandemic

AFRICA – Equity Group Holdings has terminated acquisition talks for Atlas Mara Limited’s (ATMA) banking units in Zambia, Mozambique, Tanzania and Rwanda. In a media statement, the group said the decision is consistent with the board’s view of the uncertainty of risk, which precipitated the proposed withdrawal of the US$89.2 million dividend payout to shareholders. According to Equity Bank Group CEO James Mwangi, the board considered the unfolding events since January when the two parties agreed to extend transaction discussions and particularly the impact of the COVID-19 pandemic globally and…

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