King & Wood Mallesons SJ Berwin is advising Atlas Mara Co-Nvest Limited (Atlas Mara) on its acquisition of a 77% controlling stake in the commercial arm of the Development Bank of Rwanda (BRD) from the Government of Rwanda.

Atlas Mara was formed by Bob Diamond, CEO of Atlas Merchant Capital LLC, and Ashish J Thakkar, Founder of Mara Group Holdings Limited, and listed on the main market of the London Stock Exchange in December 2013. The transaction supports the company’s aim of creating a financial institution that encourages economic growth and strengthens financial systems in Africa.

Through its acquisition of BRD, a 46 year old development finance institution dedicated to aiding Rwanda’s development, Atlas Mara will support Rwanda’s emergence as a financial services hub in the region.

Andrew Wingfield, Corporate partner at King & Wood Mallesons SJ Berwin, said: “This was a complex privatisation of a commercial bank which further demonstrates the strength in depth of our FIG practice and one that highlights the rapid expansion of Africa. The growth potential and opportunities that Africa presents are immense, especially in the financial services space. We are pleased to have worked closely with Atlas Mara to finalise the structure and put in place this significant and ground-breaking deal in Rwanda in a short space of time.” 

King & Wood Mallesons SJ Berwin's Africa Group has over 25 years’ involvement in Africa and advises on a wide range of inbound and outbound African-related matters across a number of sectors including oil & gas, TMT, consumer and financial institutions.

The King & Wood Mallesons SJ Berwin team was led by Corporate partner Andrew Wingfield along with Corporate associates James Darbyshire and Michaela Moore.

The transaction and the structure are subject to regulatory approval from the National Bank of Rwanda.