What's Hot

    Acasia Ventures invests in Nigerian delivery platform Fez

    March 31, 2023

    DP World to develop edible oil terminal in Berbera Port

    March 30, 2023

    HouseAfrica raises USD 400,000 in funding

    March 29, 2023
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      DP World to develop edible oil terminal in Berbera Port

      March 30, 2023

      KarmSolar receives USD 3 million to develop Farafra Solar Grid

      January 11, 2023

      AD Ports Group reports strong growth

      January 3, 2023
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      Free trade: Qatar and Morocco conclude second round of talks

      January 31, 2023

      Gold-for-oil: Ghana attempts to address forex pressures

      January 18, 2023

      AD Ports Group reports strong growth

      January 3, 2023
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      South Africa’s Fin acquires Thuthukani

      Banking Business Finance March 24, 2023
      Recent

      South Africa’s Fin acquires Thuthukani

      March 24, 2023

      Fintech dominates African startup funding

      February 15, 2023

      Social investment platform InvestSky raises USD 3.4 million

      January 12, 2023
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Business

    Atlas Mara completes acquisition of Rwanda’s Commercial Bank

    October 16, 20143 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    London-Dubai interest finalises long-fated MoU with the Development Bank of Rwanda to rejig its assets into a distinct commercial entity

    Atlas Mara Co-Nvest completed its acquisition of Rwanda’s Commercial Bank, a commercial subsidiary of the Development Bank of Rwanda (BRD), and appointed Konde Bugingo as its CEO.

    The Commercial Bank is a newly incorporated entity formed after an internal reorganisation of BRD, which transferred most of its existing commercial banking assets and liabilities. Rwanda is has been exemplar of the economic possibilities of Sub-Saharan Africa and BRD has been key to that growth.

    In 2011, BRD was valued at $42.3m, and previous statements on Atlas-Mara’s purchase suggest that the acquisition amounts to a 77% stake in the former holdings of BRD.

    It is expected that the Commercial Bank will be built on a plot already set aside alongside the BRD in Kigali. It will receive a full commercial banking license shortly, once certain conditions are satisfied, and while shareholders will retain their rights in the development bank section.

    Atlas CEO John Vitalo, noted: “It is our third closing, following the acquisitions of BancABC and ADC, and expands our presence in the vibrant East African Community in which Rwanda is well-positioned to serve as an important financial services hub.Related article Ecobank hosted by London Stock Exchange after Eurobond issuance

    The bond was oversubscribed with strong demand from international investors in UK, US, EMEA & Asia

    “Rwanda has been an exemplar of the economic possibilities of Sub-Saharan Africa and BRD has been a key part of that growth. I am looking forward to working closely with Konde Bugungo and his team to assist in the financial development of Rwanda and the region.”

    Atlas-Mara was formed by Bob Diamond, the former CEO of Barclays and founder of Atlas Merchant Capital, and Ashish Thakkar, founder of Mara Group Holdings, and was listed on the main market of the London Stock Exchange in December 2013.

    Atlas Mara’s strategy is to create sub-Saharan Africa’s premier financial institution through a combination of its experience, expertise and access to capital, liquidity and funding and to support economic growth and strengthen financial systems in Africa.

    Atlas-Mara’s appointee, Bugingo, was formerly CEO of Rwanda’s national payments switch RSwitch and COO of Banque Populaire du Rwanda (BPR), Rwanda’s second largest bank.

    Atlas-Mara first announced the BRD deal as an MoU in April, alongside plans to tap into Zimbabwe’s investment market through the launch of a $208.8m (€150m) Eurobond.

    Just the month before, the investor also signed a deal to acquire the Sub-Saharan banking group ABC Holdings for $265m in cash and shares and its shareholder ADC African Development Corporation (ADC), funded by the Atlas Mara’s $325m IPO in 2013.

    At the time Thakkar expressed: “With the combination of BancABC’s regional expertise, ADC’s initial platform and Atlas Mara’s global experience, we can build a truly pan-African financial institution to address needs across the continent for a meaningful and lasting positive impact.”

    Rwanda is has been exemplar of the economic possibilities of Sub-Saharan Africa and BRD has been key to that growth.

    ADC African Development Corporation Atlas Mara Co-Nvest BancABC BRD Development Bank of Rwanda London Stock Exchange Mara Group Holdings Sub Saharan Africa
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleUgandan agency partners in Saudi to employ two million people
    Next Article Etihad Airways plans Dar es Salaam route, reinforcing Tanzania trend

    Related Posts

    Business Startups

    Acasia Ventures invests in Nigerian delivery platform Fez

    March 31, 2023
    Business Infrastructure Ports

    DP World to develop edible oil terminal in Berbera Port

    March 30, 2023
    Business Properties Startups

    HouseAfrica raises USD 400,000 in funding

    March 29, 2023
    Add A Comment

    Comments are closed.

    LATEST STORIES

    Acasia Ventures invests in Nigerian delivery platform Fez

    March 31, 2023

    DP World to develop edible oil terminal in Berbera Port

    March 30, 2023

    HouseAfrica raises USD 400,000 in funding

    March 29, 2023

    Kenyan VC firm Factor[e] Ventures launches venture studio

    March 28, 2023

    Tibu Health closes oversubscribed pre-Series A round

    March 27, 2023
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.