Rwanda : Banque Populaire du Rwanda merges with BRD Commercial Bank
The new institution becomes Rwanda's largest bank in terms of branches.Investment firm Atlas Mara has revealed it invested 20.4 million dollars (€18.7 million) to finalise the takeover of Banque Populaire du Rwanda (BPR).
It also just launched the process of a merger between that bank and BRD Commercial Bank, the commercial arm of the Rwanda Development Bank (BRD) (acquired in 2014), according to a statement seen by Ecofin agency.
Atlas Mara announced this transaction back in April 2015, revealing that it was in exclusive negotiations for the acquisition of a 45 per cent stake in BPR.
The firm had said it plans to acquire additional shares to increase its stake in the merged bank to over 70 per cent.
The new institution will be the country's largest bank in terms of branches and the second largest in terms of assets ($325 million).
In December 2014, it increased its stake in Union Bank of Nigeria Plc to 29.9 per cent. It also injected $210 million in ABC Holdings in Zimbabwe in October.
Meanwhile, Atlas Mara announced on October 29th it is in advanced negotiations for the acquisition of Finance Bank Zambia with an agreement expected in the first quarter of 2016.
It then plans to merge Finance Bank Zambia and BancABC Zambia, already controlled by Atlas Mara, to create "the first bank in the country in terms of branch network and the fifth in terms of assets".