Atlas Mara is a financial services company listed on the London Stock Exchange. “Board of Directors have agreed to the entry into a binding term sheet through a share swap to exchange certain banking assets of Atlas Mara in four countries for shares in Equity Group,” said James Mwangi, Equity Group Holdings CEO. Details of the deal include a 62 per cent of the share capital of Banque Populaire du Rwanda, 100 per cent pf the share capital of African Banking Corporation Zambia, 100 per cent of the share capital of African Banking Corporation Tanzania and 100 per cent of the share capital of African Banking Corporation Mozambique. Atlas Mara will become a shareholder in Equity Group Holdings.The National Treasury has on several occasions declared its wish to see more banks coming together to form larger units that are more stable. And there have been a few voluntary mergers and takeovers including the pending finalising of a marriage between NIC Bank and Commercial Bank of Africa.

Source: Standard Digital April 30, 2019 08:37 UTC