Deals
Atlas Mara Swaps Four African Banks for Stake in Kenya's Equity
- Shakeup sees CEO Staley stepping down to pursue new interests
- Nairobi-based lender gets to expand its footprint with deal
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Atlas Mara Ltd. is shaking things up by exiting some of its operations on the continent in exchange for a share of Kenya’s biggest bank by market value.
The sub-Saharan African bank, founded by ex-Barclays Plc chief Bob Diamond, will swap its operations in Rwanda, Zambia, Mozambique and Tanzania for a 6.27 percent stake in Nairobi-based Equity Group Holdings Plc, Atlas Mara said in a statement on Tuesday. The transaction is worth about 10.7 billion shillings ($106 million), Equity said in a separate statement.