Equity Group, Kenya’s leading bank in terms of market capitalisation and customer base, has announced that it has entered into an agreement with Pan-Africa focused banking group, Atlas Mara to acquire its banking operations in four African countries.
The transaction, which will be done through a share swap, will see Equity Bank acquire 62% of share of Banque Populaire du Rwanda Limited, 100% of African Banking Corporation (ABC) in Zambia, Tanzania and Mozambique.
Equity Bank says it expects to allot about 252.5 million new ordinary shares representing about 6.27% of Equity’s issued shares equivalent to Sh 10.7 Billion.
Atlas Mara, listed on the London Stock Exchange, was founded by former Barclays Group Chief Executive, Bob Diamond and is largely owned by Fairfax Africa Holdings, which is listed on the Toronto Stock Exchange