Talks for the canceled acquisition plan had started in April 2019 with the objective of reaching mutually acceptable terms for a strategic transaction.
After careful consideration, Atlas Mara (which owns 62 percent share in BPR) and EGH have mutually agreed to discontinue discussions.
According to a statement issued by Atlas Mara, the decision was largely driven by a shift in EGH’s strategy given the effects of the COVID-19 pandemic globally and on the economies in which EGH entities operate.
Atlas Mara has reiterated commitment to implement the previously announced strategic decisions of the board which include focusing on improving performance in core markets, streamlining the holding company structure and related costs, and exiting or partnering in certain countries.
The Company continues to evaluate a number of options with the objective of completing when practicable a strategic transaction aligned with these objectives and promised to provide further updates to the market in due course.
“The Company also continues to prioritize liquidity and capital management, with a focus on providing support and solutions for its clients in the context of the economic effects of the pandemic,” reads part of the statement.
Among others, Atlas Mara revealed a plan of continuing to invest in high-impact digital channels and transactional platforms to drive substantially lower cost of funds, enhancing core banking systems, and focusing on technology-enabled products to retain and grow the customer base.
It has also committed to continue supporting its local management teams as they actively scale their engagement with clients to provide tailored liquidity and credit solutions to help them weather these challenging circumstances.
About Atlas Mara
Atlas Mara Limited (LON: ATMA) is a financial services institution founded by Bob Diamond and listed on the London Stock Exchange. With a presence in seven sub-Saharan countries, Atlas Mara aims to be a positive disruptive force in the markets in which we operate by leveraging technology to provide innovative and differentiated product offerings, deliver excellent customer service and accelerate financial inclusion.
For more information, visit www.atlasmara.com.