Equity Group To Acquire Banks in Tanzania and Rwanda

Equity Group Holdings is set to acquire banks in Tanzania and Rwanda, as well as Zambia and Mozambique as part of a $105 million deal.

The proposed deal is a share swap with Atlas Mara Limited (ATMA) to support Equity’s pan-African expansion ambitions. According to Equity’s Group chief executive James Mwangi the company intends to buy out ATMA’s African Banking Corporation’s (ABC) operations in the four markets, which includes Tanzania, Zambia and Mozambique, in addition to a majority stake in Banque Populaire du Rwanda (BPR). 

The binding preliminary agreement is subject to the resolution of final details, as well as the approval of shareholders and regulators.

The deal will also see ATMA take up a 6.27 per cent stake in Equity, valued at $105 million.

Equity is currently active in Uganda, Tanzania, Rwanda, South Sudan and DRC.