(Ecofin Agency) - Atlas Mara could soon dynamize merger-acquisition activities in the African financial sector with its new strategic repositioning plan. The Dubai-based bank holding listed on the London Stock Exchange, with the major part of its operations located in Africa, plans to reduce some of its assets and buy new ones.

Atlas Mara wants to reduce the proportion of its assets except in countries where it can rank in the top 5 of the banking sector. “Atlas Mara continues focus on investments in core markets where a path to market leadership is clearly achievable; will seek to partner, exit or reduce risk exposure elsewhere”, the holding informed in the review of its strategic options.   

No decision will be taken before the completion of the audit/evaluation, of its operations, entrusted to Citigroup Global Markets. However, the holding is expected to engage in partial or full sell-off of some of its shareholdings.

Atlas Mara also signed a principle agreement to take 35% of the shares of South African financial group GroCapital, owned by its leading shareholder Fairfax Africa. The operation should be done as a share exchange transaction thanks to which Fairfax Africa will boost its shareholdings in Atlas Mara.

Idriss Linge