Equity Group Holdings acquired he sub-Saharan African financial services group from Atlas Mara.

Atlas Mara, the sub-Saharan African financial services group, announces that it has entered into a binding term sheet with Equity Group Holdings for the exchange of certain banking assets of the Company in four countries for ordinary shares in EGH. EGH would acquire for shares in EGH Atlas Mara’s 62% shareholding in Banque Populaire du Rwanda and, via the Company’s subsidiary ABC Holdings, all of Atlas Mara’s indirect interests in African Banking Corporation Zambia, African Banking Corporation Tanzania, and African Banking Corporation Mozambique. The parties would anticipate mergers of their respective banks within each of Rwanda and Tanzania. This implies the consideration to be paid is the equivalent of approximately $105.4m. "The Proposed Transaction is consistent with our previously announced strategic review, and our stated intention to focus on investments in core markets where a path to market leadership is clearly achievable, and to partner elsewhere. These four countries contribute less than 2% of total Group net income, with an implied aggregate return on equity of approximately 2%, and represent substantial carrying costs in terms of capital and liquidity support. TheProposed Transaction represents an opportunity to strengthen the position of these banks, and to refocus on our largest and strongest market positions." Michael Wilkerson, Executive Chairman.