News Column

United Kingdom : ATLAS MARA acquires controlling stake in BANCABC

August 25, 2014

Established by ex-Barclays Plc chief executive Bob Diamond and billionaire Ashish J Thakkar, Altas Mara Co-Nvest Ltd has announced completion of majority stake in the Botswana headquartered pan African banking BancABC. The firm has acquired 50.1 percent stake.

In April 2014, Atlas Mara had made public its plans to purchase 50.1 percent of pan African banking group, BancABC being part of plans to establish a premier financial services group in sub-Saharan Africa.

The Company said, With the successful completion of these acquisitions, Atlas Mara is now a fully operational entity and able to continue to execute its strategy of becoming Sub-Saharan Africa s premier financial institution, the company said in a statement.

BancABC carry out banking operations in Zimbabwe, Zambia, Botswana, Mozambique and Tanzania. In Zimbabwe and Mozambique, the firm recently went on restructuring exercise to prepare for the likely takeover by Atlas Mara.

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Source: TendersInfo (India)

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