Atlas Mara Still In Negotiations For 50.1% Stake In BancABC

VENTURES AFRICA – Altas Mara Co-Nvest Ltd says negotiations to acquire 50,1 percent controlling stake in pan African banking BancABC are still going on.
In April this year, Atlas Mara—founded by ex-Barclays Plc chief executive Bob Diamond and billionaire Ashish J Thakkar—said it would buy 50.1 percent in pan African banking group, BancABC as part of plans to establish a premier financial services group in sub Saharan Africa.

“Further to the renewal of the cautionary announcement on June 19 2014 in relation to the Atlas Mara transaction first published on April 1 2014, the company would like to advise shareholders that the process of obtaining regulatory and other approvals is still on-going,” said BancABC parent company ABC Holdings in a statement.
BancABC has banking operations in Zimbabwe, Zambia, Botswana, Mozambique and Tanzania.
Recently BancABC went on restructuring exercise in its units in Zimbabwe and Mozambique in preparation for controlling stake take over by Atlas Mara in the pan-African banking group.
In December, Atlas Mara raised $325 million to invest on the continent. The group announced recently at it had secured $300 million from a recent private placement and a commitment agreement for a debt facility of up to $200 million to finance its pan African drive.