Nigeria’s Biggest Bank Is Said in Talks to Buy Atlas Mara Assets Atlas Mara is in talks to sell businesses in Botswana, Zimbabwe and Zambia.
Bloomberg News reported in December. The firm is nearing regulatory approval for the asset disposals to Access Bank, the people said.
Atlas Mara agreed to sell its Mozambican business to Access Bank in September, and two months later entered into a pact with Kenya’s KCB Group Plc to dispose of its Rwandan and Tanzanian units.
Atlas Mara Secures Funding, Bond Holders Agree to Standstill
Atlas Mara, which has lost more than 90% of its value since listing on the London Stock Exchange in 2013, has said its strategy is to exit markets or seek partners in countries where it doesn’t see opportunities to bulk up or make money.
Chukwuemeka Okonkwo took over as chief executive officer in April after serving as the lender’s head of corporate banking and treasury. Net income in the nine months through September was little changed at 15 billion naira ($38 million).