Atlas Mara takes over parts of the Development Bank of Rwanda
Investment holding company Atlas Mara signed an agreement on October 10th for the acquisition of some of the Development Bank of Rwanda's (BRD's) assets.Investment holding company Atlas Mara signed an agreement on October 10th for the acquisition of some of the Development Bank of Rwanda's (BRD's) assets.
According to a statement from the bank, these include BRD's commercial banking arm and insurance brokerage firm, as well as a piece of a commercial plot adjacent to BRD's Kigali headquarters, the New Times
The statement notes that after the transaction, existing BRD shareholders - including the Rwandan government - will retain their rights in the development bank section, which will mainly focus
financing priority sectors of the economy.
With this acquisition, Atlas Mara has broadened its footprint into the East African Community. The company - which recently injected $210 million (€164 million) into ABC Holdings in Zimbabwe -said in a press release its "strategy is to build a leading Pan-African banking platform by partnering with and investing in strong African Banks and African
In December 2013, it announced it had raised $325 million on the London Stock Exchange to invest in the African banking sector, arguing that there are good growth opportunities given that only 25 per cent of the population has a bank account, while five per cent has access to credit.