Equity to acquire banks in four African countries in $105m deal
Equity Bank Kenyatta Avenue branch. The lender has entered into a preliminary agreement to acquire banks in four African countries in $105m deal. PHOTO | DIANA NGILA | NMG
Equity Group Holdings has entered into a preliminary agreement to buy out banking units in Zambia, Mozambique, Tanzania and Rwanda that are owned by a London Stock Exchange-listed firm.
The proposed share swap deal with Atlas Mara Limited (ATMA), whose value is estimated at Ksh10.7 billion ($105.71 million), puts back on track Equity’s ambitious pan-Africa expansion strategy, which it had put on hold in 2016.
