Access Bank to buy Atlas Mara subsidiary BancABC Mozambique

MOZAMBIQUE – London-based Atlas Mara Limited is set to sell a 100 percent stake in its Mozambican banking subsidiary to Nigeria’s Access Bank. Kenya’s Equity Group had signed an agreement with Atlas Mara to buy 62 percent of the share capital of Rwanda’s Banque Populaire du Rwanda, 100 percent of African Banking Corporation of Zambia, African Banking Corporation Tanzania and African Banking Corporation Mozambique. The Kenyan banking multinational later decided to terminate the deal citing increased risk from the outbreak of the Covid-19 pandemic. Equity would have also been required…

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Equity Bank on course to takeover Zimbabwean lender BancABC Bank

KENYA – Equity Bank, a financial service provider is on course to takeover of the Zimbabwean lender BancABC Bank that serves as both corporates and retail as it establishes a presence in 10 African countries. A cautious entry into Zimbabwe, a country currently weighed down by a volatile exchange rate and hyperinflation was part of Equity’s grand Atlas Mara deal, which saw the region’s largest lender by customer numbers enter two additional countries Zambia and Mozambique— through acquisitions. However, negotiations on the acquisition of BancABC Zimbabwe fell through after Equity…

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