Business

Business: Why Kenya’s Equity Bank broke off talks with Atlas Mara

Last updated on September 11th, 2021 at 02:39 pm

The Kenyan giant is renouncing the acquisition of African subsidiaries of the British headquartered bank Atlas Mara. A decision linked to Covid-19, but not entirely.

Atlas Mara – listed on the London Stock Exchange and co-founded by former Barclays boss Bob Diamond, its CEO until February 2019 – and Equity Group Holdings (EGH) have ended their negotiations that began in April 2019.

The transaction involved Equity’s acquisition of a 62% stake in Banque Populaire du Rwanda (BPR) and all of Atlas Mara’s subsidiaries in Zambia, Tanzania and Mozambique (BancABC).

In exchange, Atlas Mara was to obtain a 6.3% equity stake in Equity Group, representing 252.2m shares with an estimated value of $105.4m at the time.

EGH is the parent company of the Equity Bank banking group ($400m in revenues in 2018), the second largest in Kenya and also present in Rwanda, Uganda, South Sudan, Tanzania and the DRC.

(Africanbusinesscentral)

Albert Echetah

Recent Posts

Africa and GCC Trade Doubles to $121 Billion

Trade between African and GCC countries stands at $ 121 billion in 2023, double of what it was in 2016.…

December 21, 2024

Families in Mayotte rebuilding their homes complain of lack of help

Family members struggling after one week after  of Cyclone Chido ripped through the French island territory of Mayotte expressed helplessness…

December 21, 2024

Ethiopian PM Inaugurates UAE-Funded Orphanage in Oromia

The United Arab Emirates has launched its orphanage project in Ethiopia's Oromia region on the orders of President Sheikh Mohamed…

December 21, 2024

A Rising Femicide Threat, Kenya’s Call to End Gender Based Violence

In just four months, 100 women have been killed, the majority by males they knew including spouses. Prime Cabinet Secretary…

December 20, 2024

Actor C Confion has passed away

The Ghanaian entertainment industry is in deep mourning following the sudden death of Bright Owusu, better known as C Confion.…

December 20, 2024

South Africa: 512 Accident Deaths and 941 Arrested for Drunk Driving Just on December Month

Since the beginning of December more than five hundred people have lost their lives on the nation's highways. Barbara Creecy,…

December 19, 2024

This website uses cookies.