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Rwanda : ATLAS MARA completes BRD deal; appoints new CEO [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) Atlas Mara Co-Nvest Limited, (Atlas Mara), has completed its earlier announced deal to acquire the Development Bank of Rwanda's (BRD) recently created Commercial Bank. The Commercial Bank was created following an internal restructuring of BRD, which transferred most of its current commercial banking assets and liabilities into the recently incorporated Commercial Bank. Commercial Bank is expected to secure a full commercial banking license once certain conditions are fulfilled. Atlas Mara has hired Konde Bugingo as the CEO of the new Commercial Bank. Prior to this he served as CEO at RSwitch, Rwanda's national payments switch. CEO John Vitalo said : "The acquisition of BRD's Commercial Bank is a significant milestone for Atlas Mara. It is our third closing, following the acquisitions of BancABC and ADC, and expands our presence in the vibrant East African Community in which Rwanda is well-positioned as an important financial services hub. Rwanda has been an exemplar of the economic possibilities of Sub-Saharan Africa and BRD has been a key part of that growth. I am looking forward to working closely with Konde and his team to build upon BRD's strong foundations and assist in the further economic and financial development of Rwanda and the region." (c) 2014 Euclid Infotech Pvt. Ltd. Provided by SyndiGate Media Inc. (Syndigate.info). [ Back To TMCnet.com's Homepage ] |