By Ian Walker
LONDON--Bob Diamond's Atlas Mara Co-Nvest Ltd. (ATMA.LN) said
Friday it has agreed to buy the government of Rwanda's 77%
shareholding in the commercial arm of the Development Bank of
Rwanda for an undisclosed sum.
Atlas Mara, an investment vehicle that the former Barclays chief
executive co-founded late last year to buy up African banking
assets, last month signed a memorandum of understanding with the
Rwandan government to develop BRD, the commercial arm of the
Development Bank of Rwanda.
BRD provides long-term financing to the private sector and
offers a range of products including loans, leasing, mortgage
financing and trade finance.
Mr. Diamond formed Atlas Mara in partnership with Ashish Thakkar
and floated it on the London Stock Exchange in December raising
$325 million. Its shares are currently suspended under AIM rules as
it is currently in reverse takeover talks with African bank ABC
Holdings Ltd. and ADC African Development Corporation AG for up to
$265 million.
Mr. Diamond resigned as chief executive of Barclays PLC in July
2012 after the bank paid U.S. and U.K. regulators $455 million to
settle allegations that it had manipulated Libor, the London
interbank offered rate.
Write to Ian Walker at ian.walker@wsj.com
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