Rwanda: Atlas Mara to take over BRD's commercial operations from November
Investment holding company Atlas Mara Ltd is to take over the commercial division of the Development Bank of Rwanda (BRD) from November 2014, it has been revealed.Investment holding company Atlas Mara Ltd takes is to take over the commercial division of the Development Bank of Rwanda (BRD) from November 2014, it has been revealed.
The BRD will be divided into two entities - the commercial operations will be run by Atlas Mara, while the development work will remain with the government, according to the memorandum of understanding signed between Rwanda and Atlas Mara.
It should bring efficiency and remove ambiguity in the operations of a bank whose known historical mandate is to provide cheaper and long-term development funding to critical sectors of the economy, according to the New Times .
The deal is in line with the government's efforts to encourage privatisation and attract foreign direct investment.
Atlas Mara- which recently injected $210 million (€152.5 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 Entrepreneurs."
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.