Rwandan authorities have approved the KCB group’s deal for the takeover of Banque Populaire du Rwanda (BPR) from London-listed financial services company Atlas Mara Limited. Atlas Mara indicates that it has obtained authorizations to sell its banks in Rwanda and Botswana.
The company is also awaiting approvals from Tanzania where KCB Group is seeking to acquire African Banking Corporation Tanzania (BancABC). KCB Group announced last November that it had signed an agreement with Atlas Mara to buy 62% of the capital of BPR and 100% of the capital of BancABC.
“The company has obtained regulatory approval for transactions regarding its investments in Rwanda and Botswana, and the parties are now in the process of concluding pre-completion conditions. Regulatory approval is pending for the transaction regarding its investment in Tanzania, ”said Atlas Mara.
According to KCB, the transaction is worth $ 56.9 million and that these acquisitions reflect its strategy to expand its operations into the regional market.
KCB is East Africa’s largest commercial bank established in 1896, with operations in regional countries in East and Southern Africa such as Rwanda, Burundi, Ethiopia, Zambia, South Sudan and Kenya his country of origin.
With these transfers, Atlas Mara is seeking to raise funds to pay its creditors, some of whom have launched liquidation proceedings against the multinational envisioned by former Barclays Plc CEO Bob Diamond.