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Atlas Mara Limited

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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]

Atlas Mara Limited
Company typePublic
LSE: ATMA
IndustryBanking and Finance
Founded28 November 2013; 10 years ago (2013-11-28)
FoundersBob Diamond (banker)
Ashish Thakkar
HeadquartersTortola, British Virgin Islands
Key people
John Vitalo[1]
chief executive officer
ProductsCommercial banking
RevenueIncrease US$ 420 Million (2017)[2]
Increase US$ 47.7 Million (2017)
Total assetsIncrease US$ 3.14 Billion (2017)
Total equityIncrease US$ 0.79 Billion (2017)
Number of employees
~6,500 (2015)
Websitewww.atlasmara.com

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

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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 as their investment vehicles respectively.[5] 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 17 December 2013, through an IPO which raised USD 325 million.[6] As of 15 November 2021, the stock price had crashed and had lost over 99% of its IPO price (issued at IPO at £10.20 per share, last trade at 9.95 pence per share).[7] 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 31 March 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:[8]

  • 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 the African Development Corporation, bringing total ownership in BancABC up to 88%.
  • The group would make a subsequent mandatory offer for the remaining 12% stake in BancABC.

This acquisition would give the group presence in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe and a minority stake in the Union Bank of Nigeria. The Transaction was scheduled to be completed in the fourth quarter of 2014.[9]

On 24 May 2014, Atlas Mara announced that the group would be acquiring Government of Rwanda stake in the commercial arm of the Rwanda Development Bank (BRD).[10][11]

In September 2014, Atlas Mara acquired a 20.9 per cent stake in the Union Bank of Nigeria from Asset Management Company of Nigeria[12] for $270 million, putting its total holding in the firm at almost 30 percent.[13]

On 22 September 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.[14] This will lead to the delisting of ABC Holdings from both the Botswana and Zimbabwe Stock Exchanges.[15] This delisting was finally concluded on 28 November 2014.[16]

On 16 October 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.[17] In April 2015, the group announced its intention to acquire a significant minority interest in Banque Populaire du Rwanda SA (BPR). 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.[18]

In 2016, Atlas Mara completed the purchase of Finance Bank of Zambia (FBZ) 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 ("BancABC Zambia"), with pro forma combined assets as at 31 December 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.[19]

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 per cent of Banque Populaire du Rwanda, 100 per cent 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 per cent shareholding in Equity Group in a transaction valued at valued at US$105.71 million.[20]

Member companies

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The companies that comprise the Atlas Mara Group include, but are not limited, to the following:[21]

Subsidiaries

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  • 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 Tanzania – Dodoma, Tanzania – 74% Shareholding – A commercial bank in Tanzania, serving individuals and businesses. Held through ABC Holdings Limited.
  • BancABC Zimbabwe – Harare, Zimbabwe – 100% Shareholding – A commercial bank in Zimbabwe, serving individuals and businesses. Held through ABC Holdings Limited.
  • Tanzania Development Finance Company Limited – Dar es Salaam, Tanzania – 68% Shareholding – A development finance company. Held through ABC Holdings Limited.

Associate companies

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  • Union Bank of Nigeria – Lagos, Nigeria – 48[22]% Shareholding – A commercial bank in Nigeria.[23] 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.[24]
  • iVeri Payment Technologies – 49% Shareholding – A payment solution provider in South Africa. Held through ADC Management.[25]
  • Credit Insurance Zimbabwe Limited – Harare, Zimbabwe – 24% Shareholding – An insurance company underwriting general insurance business in Zimbabwe. Held through BancABC Zimbabwe.

Former investments

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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.[30] The Bank was acquired by Nigerian based Access Bank Group and merged into Access Bank Zambia.[31]
  • 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.[32]
  • Rswitch Limited – Kigali, Rwanda – 88.54% Shareholding – A payment solution provider in Rwanda. Now a subsidiary of Millicom.[33]

Governance

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The chairman of the board of directors of Atlas Mara Limited, was Arnold O. Ekpe while John Vitalo served as the chief executive officer. The current chairman is Michael Wilkerson.

See also

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References

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  1. ^ "Atlas Mara Appoints Group CEO". Regulatory News Service. 8 April 2014. Retrieved 5 September 2014.
  2. ^ "Atlas Mara 2017 Audited Accounts" (PDF). Tortola: Atlas Mara Limited. 31 December 2017. Retrieved 21 October 2018.
  3. ^ "Atlas Mara Name Change". Tortola: Atlas Mara Limited L. 27 January 2015. Retrieved 3 June 2016.
  4. ^ Bray, Chad (26 April 2016). "Atlas Mara Exploring a Bid for Barclays Africa Group". The New York Times. New York City. Retrieved 3 June 2016.
  5. ^ "Atlas Mara Co-Nvest Limited 2013 Prospectus Page 51 to 53" (PDF). Atlas Mara Co-Nvest Limited. 2013. Retrieved 5 September 2014.
  6. ^ Sharif, Arif; Barwell, Tim (17 December 2013). "Diamond-Backed Atlas Mara Raises $325 Million in London IPO". Bloomberg.com. Retrieved 3 June 2016.
  7. ^ "ATMA.LN - Atlas Mara Limited Stock Technical Chart".
  8. ^ Bonorchis, Renee; Mguni, Mbongeni; Marawanyika, Godfrey (1 April 2014). "Bob Diamond's Atlas Mara Buys Bank In First Africa Purchase". Bloomberg.com. Bloomberg News. Retrieved 5 September 2014.
  9. ^ Ndlovu, Ray (5 September 2014). "Atlas Mara To Buy Rest of Bank Group". Business Day (South Africa). Retrieved 5 September 2014.
  10. ^ Porter, Kiel (May 23, 2014). "Atlas Mara to Buy Stake In Development Bank of Rwanda Arm". Bloomberg.com. Bloomberg News. Retrieved September 5, 2014.
  11. ^ Jenny Clove; Edmund Blair; Anthony Barker (April 6, 2014). "Atlas Mara Plans To Buy Stake In State-run Rwandan Bank". Reuters. Archived from the original on August 17, 2016. Retrieved September 5, 2014.
  12. ^ AMCIL (September 8, 2014). "Atlas Mara UBN Transaction Announcement" (PDF). Atlas Mara Co-Nvest Limited (AMCIL). Archived from the original (PDF) on 2014-10-11. Retrieved October 7, 2014.
  13. ^ "Bob Diamond's Africa bank buys stake in Nigeria's UBN" (Press release). Reuters. 5 September 2014.
  14. ^ "Mandatory offer for remaining 4.2% of ABC Holdings". ATLAS Mara Co-Nvest Limited. 22 September 2014. Retrieved 7 October 2014.
  15. ^ "BancABC, to delist from Zimbabwe, Botswana stock". New Zimbabwe. September 3, 2014. Archived from the original on October 11, 2014. Retrieved October 7, 2014.
  16. ^ "Atlas Mara - Issue of Shares and Total Voting Rights". ATLAS Mara Co-Nvest Limited. 28 November 2014. Retrieved 28 November 2014.
  17. ^ "Atlas Mara completes acquisition of BRD". New Times. October 15, 2014. Retrieved October 18, 2014.
  18. ^ "Atlas Mara announces potential acquisition of stake in BPR and merger of BRD Commercial and BPR". Investis. Atlas Mara. 2015-04-27. Retrieved 2015-04-29.
  19. ^ "Completion of Acquisition of Finance Bank Zambia Limited". London: Regulatory News Service. 1 July 2016. Retrieved 11 October 2016.
  20. ^ "Equity To Acquire Banks In Four African Countries In $105 Million Deal". The EastAfrican. Nairobi. 30 April 2019. Retrieved 30 April 2019.
  21. ^ "Atlas Mara - Company structure". ATMA. Retrieved 2016-01-08.
  22. ^ "Atlas Mara ups stake in Union Bank to 48%". Nairametrics. 2018-01-16. Retrieved 2021-08-30.
  23. ^ Sharman, Andy (5 September 2014). "Bob Diamond's Atlas Mara Raises Stake In Union Bank of Nigeria". Financial Times. The Financial Times (London). Retrieved 5 September 2014.
  24. ^ "ICEA Lion Tanzania - Shareholders and Reinsurers". ICEA Lion Group. Archived from the original on October 7, 2014. Retrieved October 7, 2014.
  25. ^ "ADC Operations / Private Equity / iVeri Payment Technologies". African Development Corporation. Archived from the original on 2014-08-21. Retrieved October 28, 2014.
  26. ^ "ATLAS Mara Limited: Completion of BPR Acquisition". Yahoo!. 7 January 2016. Retrieved 8 January 2016.
  27. ^ Okoth, Jackson (28 August 2021). "KCB Group Completes Acquisition of BPR Plc in Rwanda". Kenyan Wall Street. Retrieved 6 March 2022.
  28. ^ "Atlas Mara Co-Nvest Limited - 2015 Annual Report" (PDF). London: Atlas Mara Co-Nvest Limited. 31 December 2015. Retrieved 3 June 2016.
  29. ^ "Access Bank completes the acquisition of BancABC". AMC. 2021-11-30. Retrieved 2021-11-30.
  30. ^ "Atlas Mara to acquire Finance Bank of Zambia Plc". ATLAS Mara Limited. 2 November 2015. Retrieved 13 November 2015.
  31. ^ "Access Bank signs merger deal with AtlasMara Zambia". Business Insider Africa. 27 October 2021. Retrieved 6 March 2022.
  32. ^ "Access Bank PLC Announces Completion of BancABC Mozambique Acquisition". 29 September 2020. Retrieved 15 March 2022.
  33. ^ "A World first, Tigo's parent company Millicom acquires RSwitch Rwanda". 3 July 2014. Retrieved 15 March 2022.
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