April 6, 2014 / 9:53 AM / in 5 years

Atlas Mara plans to buy stake in state-run Rwandan bank

KIGALI, April 6 (Reuters) - Atlas Mara, an investment company backed by former Barclays boss Bob Diamond, said on Sunday it planned to buy a controlling stake in state-run Development Bank of Rwanda to build a regional financial services firm.

“We are acquiring the government’s stake through this process which is just over 75 percent,” Diamond told a news conference, where Rwanda’s finance minister, Claver Gatete, said the deal had yet to be finalised but welcomed the investment.

The deal would involve splitting the bank’s activities between its commercial operations, to be run by Atlas Mara, and its development work, in which the government would have a role. (Reporting by Jenny Clover; Writing by Edmund Blair; Editing by Anthony Barker)

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