Atlas Mara to acquire a stake in Banque Populaire du Rwanda
It is looking to merge the bank with another local institution.Investment firm Atlas Mara announced on April 27th that it is in exclusive negotiations for the acquisition of a 45 per cent stake in Banque Populaire du Rwanda (BPR) for an amount of $22.5 million (€20.5 million).
According to the Ecofin agency, it aims to merge this establishment with the Rwanda Development Bank (BRD) - that it controls through a 75 per cent stake - to give birth to the largest bank in Rwanda in terms of agencies and the second in terms of assets.
Atlas Mara said in a statement that it plans to acquire additional shares to increase its stake in the merged bank to over 70 per cent.
The investment firm has made a series of acquisitions in Africa in recent years. In December 2014, it increased its stake in Union Bank of Nigeria Plc to 29.9 per cent. It has also injected $210 million in ABC Holdings in Zimbabwe in October.
In a recent press release, the company said that its strategy "is to build a leading Pan-African banking platform by partnering with and investing in strong African Banks and African entrepreneurs".
In December 2013, the company announced it had raised $325 million through an introduction to the London Stock Exchange to invest in the African banking sector.