Atlas Mara Limited
Atlas Mara Limited, formerly referred to as Atlas Mara Co-Nvest Limited, is a financial services holding company formed to undertake the acquisition of target banks in Africa.
The Group's headquarters are located in Tortola, British Virgin Islands, with subsidiaries and investments in Botswana, Germany, Mozambique, Nigeria, Rwanda, South Africa, South Sudan, Tanzania, Zambia and Zimbabwe.
History
Atlas Mara was founded on November 28, 2013 by former Barclays Executive Bob Diamond and entrepreneur Ashish Thakkar through Atlas Merchant Capital LLC and Mara Group Holdings Limited as their investment vehicles respectively. Atlas Merchant held 80% while Mara Group held 20% of the venture upon incorporation. The Group's geographical area of focus is on the African continent.The company was listed on the London Stock Exchange as a SPAC on December 17, 2013 through an IPO which raised USD 325 million. As of 17 July 2020, the stock price had crashed and had lost over 95½% of its IPO price. The ticker symbol in London is "ATMA.LN". It trades by appointment in the United States on the Pink Sheets under the ticker symbol "AAMAF".
On March 31, 2014, Atlas Mara announced that it had made an offer to acquire sub-Saharan African bank ABC Holdings Limited and Frankfurt based African Development Corporation AG for approximately $265 million. This was to be done through a three phase acquisition strategy:
- The group would acquire 50.1% stake of BancABC through direct agreements.
- The group would make a voluntary offer to acquire a majority stake in ADC, bringing total ownership in BancABC up to 88%.
- The group would make a subsequent mandatory offer for the remaining 12% stake in BancABC.
On May 24, 2014, Atlas Mara announced that the group would be acquiring Government of Rwanda stake in the commercial arm of the Rwanda Development Bank.
In September 2014, Atlas Mara acquired a 20.9 percent stake in the Union Bank of Nigeria from Asset Management Company of Nigeria for $270 million, putting its total holding in the firm at almost 30 percent.
On September 22, 2014, Atlas Mara made a mandatory offer for remaining 4.2% outstanding shareholding in ABC Holdings that the group did not hold in ABCH. The minority shareholders would either opt for a cash consideration or receive 0.0683 ordinary shares of Atlas Mara for each ABCH share held. This will lead to the delisting of ABC Holdings from both the Botswana and Zimbabwe Stock Exchanges. This delisting was finally concluded on 28 November 2014.
On October 16, 2014, Atlas Mara announced that it had completed its previously announced acquisition of the Development Bank of Rwanda's commercial banking business which had been spun off into a new subsidiary following an internal reorganization of BRD. This subsidiary was incorporated to run the commercial loan portfolio, BRD's Insurance brokerage firm and a piece of a commercial plot adjacent to BRD’s Kigali headquarters. In April 2015, the group announced its intention to acquire a significant minority interest in Banque Populaire du Rwanda SA. The group would then marge BPR's business to that span off BRD then acquire secondary shares from existing shareholders resulting in the Company having a controlling stake of the merged business.
In 2016, Atlas Mara completed the purchase of Finance Bank of Zambia with consideration settled by approximately $61 million in cash and 3.3 million Atlas Mara shares, not including deferred contingent consideration of up to 1.3 million Atlas Mara shares. FBZ will be combined with Atlas Mara's Zambian subsidiary, African Banking Corporation Zambia Limited, with pro forma combined assets as at December 31, 2015 of approximately $567 million. The acquisition will position the merged bank as one of the largest banks in terms of branch footprint in Zambia with the physical presence increasing from 23 branches to 65 branches, a total of 176 ATMs and 23 agencies.
In April 2019, Atlas Mara announced that it had entered into a share swap with Equity Group Holdings Limited. The deal would see Atlas Mara transfer 62 percent of Banque Populaire du Rwanda, 100 percent of African Banking Corporation of Zambia, African Banking Corporation of Mozambique and African Banking Corporation of Tanzania to Equity Group in exchange for 6.27 percent shareholding in Equity Group in a transaction valued at valued at US$105.71 million.
Member companies
The companies that comprise the Atlas Mara Group include, but are not limited, to the following:Subsidiaries
- African Development Corporation AG – Holding Company – Frankfurt, Germany – 100% Shareholding – A commercial bank holding company.
- ADC Management Services – Holding Company – Port Louis, Mauritius – 100% Shareholding – A commercial bank holding company. Held through African Development Corporation.
- ABC Holdings Limited – Holding Company – Gaborone, Botswana – 100% Shareholding – A commercial bank holding company.
- BancABC Botswana – Gaborone, Botswana – 100% Shareholding – A commercial bank in Botswana, serving individuals and businesses. Held through ABC Holdings Limited.
- BancABC Mozambique – Maputo, Mozambique – 100% Shareholding – A commercial bank in Mozambique, serving individuals and businesses. Held through ABC Holdings Limited.
- BancABC Tanzania – Dodoma, Tanzania – 74% Shareholding – A commercial bank in Tanzania, serving individuals and businesses. Held through ABC Holdings Limited.
- Atlas Mara Bank Zambia – Lusaka, Zambia – 100% Shareholding – A commercial bank in Zambia, serving individuals and businesses. Held through ABC Holdings Limited. In November 2015, Atlas Mara announced that it would be acquiring Finance Bank of Zambia and merge its operations to those of BancABC Zambia. This would result in the creation of Zambia's largest bank by branch network and fifth largest bank by assets.
- BancABC Zimbabwe – Harare, Zimbabwe – 100% Shareholding – A commercial bank in Zimbabwe, serving individuals and businesses. Held through ABC Holdings Limited.
- Rswitch Limited- Kigali, Rwanda – 88.54% Shareholding – A payment solution provider in Rwanda. Held through ADC Management.
- Tanzania Development Finance Company Limited – Dar es Salaam, Tanzania – 68% Shareholding – A development finance company. Held through ABC Holdings Limited.
- Banque Populaire du Rwanda – 62% shareholding – A commercial bank in Rwanda, serving individuals and businesses and offering bancassurance services. BRD Commercial Bank's operations were merged to those of BPR creating Rwanda's the second largest bank by total assets.
Associate companies
- Union Bank of Nigeria – Lagos, Nigeria – 48% Shareholding – A commercial bank in Nigeria. UBN is listed on the Nigeria Stock Exchange.
- ICEA Lion Tanzania – Dar es Salaam, Tanzania – 47% Shareholding – An insurance company underwriting general insurance business in Tanzania. ICEA Lion Tanzania is a venture between Kenyan-based ICEA Lion Group and Tanzania Development Finance Company Limited.
- iVeri Payment Technologies – 49% Shareholding – A payment solution provider in South Africa. Held through ADC Management.
- Credit Insurance Zimbabwe Limited – Harare, Zimbabwe – 24% Shareholding – An insurance company underwriting general insurance business in Zimbabwe. Held through BancABC Zimbabwe.
Governance