ATLAS MARA TO ACQUIRE MAJORITY STAKE IN ARM OF RWANDAN BANK

Robert E. Diamond, the former chief of Barclays.

LONDON – The investment company Atlas Mara Co-Nvest, backed by Robert E. Diamond Jr., the former Barclays chief executive, said on Friday that it had agreed to acquire a majority stake in the commercial arm of the Development Bank of Rwanda.

Earlier this year, Atlas Mara entered into a memorandum of understanding to privatize the commercial arm of the state-owned bank.

Atlas Mara will acquire the Rwandan government’s 77 percent stake in the bank’s commercial arm as part of the transaction.

“This is a significant step in Atlas Mara’s objective to become a leading financial services group in sub-Saharan Africa,” the company said in a statement. “When completed, the transaction will broaden Atlas Mara’s footprint in the East African community.”

The Rwanda deal represents Atlas Mara’s second big acquisition in Africa.

In March, Atlas Mara agreed to acquire a majority stake in ABC Holdings , which operates the African bank BancABC, and to acquire its controlling shareholder, the ADC African Development Corporation, for about $265 million in cash and shares.

Atlas Mara was formed last year by Mr. Diamond and Ashish J. Thakkar, an entrepreneur whose Mara Group conglomerate has technology, manufacturing and real estate interests in 19 African countries.

Earlier this month, Atlas Mara said it planned to raise another $400 million to fund its investments in the African financial sector through a private placement.