Investment firm Atlas Mara injects $210m into Zimbabwean bank
Investment holding company Atlas Mara Co-Nvest has injected $210 million (€152.5 million) into ABC Holdings to acquire a majority stake in the banking group.Investment holding company Atlas Mara Co-Nvest has injected $210 million (€152.5 million) into ABC Holdings to acquire a majority stake in the banking group.
The firm will support the development of businesses in Zimbabwe through credit lines and long term financing in excess of $500 million in the next five years, The Herald reports.
In a statement the group said: "Atlas Mara looks forward to empowering the existing management teams of both BancABC and ADC to drive future growth and expand across sub-Saharan Africa."
"Our vision and strategy is to build a leading Pan-African banking platform by partnering with and investing in strong African Banks and African Entrepreneurs," added the statement.
The firm is committed to
up to $100 million of equity to BancABC within the first 100 days and to support BancABC's management in obtaining additional liquidity, including raising capital.
In December, Atlas Mara 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 and 5 percent of the population has access to credit, Ecofin news agency reports.