Atlas Mara Limited

Atlas Mara Limited, formerly referred to as Atlas Mara Co-Nvest Limited,[3] is a financial services holding company formed to undertake the acquisition of target banks in Africa.[4]

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 28 November 2013, by former Barclays Executive Bob Diamond and entrepreneur Ashish Thakkar through Atlas Merchant Capital LLC and Mara Group Holdings Limited

Member companies

The companies that comprise the Atlas Mara Group include, but are not limited, to the following:[22]

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.
BancABC Zimbabwe – Harare, Zimbabwe – 100% Shareholding – A commercial bank in Zimbabwe, serving individuals and businesses. Held through ABC Holdings Limited.

Former investments

Investments span off from Atlas Mara include:

Atlas Mara Bank Zambia – Lusaka, Zambia – 100% Shareholding – A commercial bank in Zambia, serving individuals and businesses. Was 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.[23] The Bank was acquired by Nigerian based Access Bank Group and merged into Access Bank Zambia.[24]
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.[25] Atlas Mara's stake was acquired by Kenyan based KCB Group and merged with KCB Bank Rwanda.[26]
BancABC Botswana – Gaborone, Botswana – 100% Shareholding[27] – A commercial bank in Botswana, serving individuals and businesses. The Bank was acquired by Nigerian based Access Bank Group [28] and rebranded to Access Bank Botswana.
BancABC Mozambique – Maputo, Mozambique – 100% Shareholding – A commercial bank in Mozambique, serving individuals and businesses. Acquired by Access Bank Group and merged into Access Bank Mozambique.[29]
BancABC Tanzania – Dodoma, Tanzania – 74% Shareholding – A commercial bank in Tanzania, serving individuals and businesses. Held through ABC Holdings Limited. Acquired by Access Bank Group in June 2024 and rebranded to Access Bank Tanzania.[30][31]
Credit Insurance Zimbabwe Limited – Harare, Zimbabwe – 24% Shareholding – An insurance company underwriting general insurance business in Zimbabwe. Held through BancABC Zimbabwe.
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.[32]
Rswitch Limited – Kigali, Rwanda – 88.54% Shareholding – A payment solution provider in Rwanda. Now a subsidiary of Millicom.[33]
Tanzania Development Finance Company Limited – Dar es Salaam, Tanzania – 68% Shareholding – A development finance company. Held through ABC Holdings Limited.
Union Bank of Nigeria – Lagos, Nigeria – 48[34]% Shareholding – A commercial bank in Nigeria.[35] UBN was listed on the Nigeria Stock Exchange. In May 2022, Titan Trust Bank completed the acquisition of UBN.[36]

type	Public
traded as	lse: ATMA
key people	John Vitalo‡R1R‡ (CEO)
industry	Banking and Finance
products	Commercial banking
revenue	US$ 420 Million (2017) ‡R2R‡
net income	US$ 47.7 Million (2017)
assets	US$ 3.14 Billion (2017)
equity	US$ 0.79 Billion (2017)
num employees	~6,500 (2015)
homepage	www.atlasmara.com
location	Tortola, British Virgin Islands
founders	Bob Diamond (banker) Ashish Thakkar

History

Member companies

Subsidiaries

Former investments

Governance

See also

External links

References