Allen & Overy has advised the Rwanda Development Board on its disposal of a 77 per cent stake in the Development Bank of Rwanda (BRD) to Atlas Mara Co-Nvest Ltd.
Subject to the satisfaction of certain regulatory and other conditions, Atlas Mara has agreed to acquire the government of Rwanda’s 77 per cent shareholding in the commercial arm of the BRD. This follows the announcement in April 2014 that the company and government had signed a memorandum of understanding to privatise BRD.
According to the firm, this is a significant step in Atlas Mara’s objective to become a leading financial services group in sub-Saharan Africa. BRD has served at the forefront of economic development in Rwanda for 46 years. The transaction will also help support Rwanda’s emergence as a financial services hub in the region.
The Allen & Overy team was led by partners Simon Toms (London) and Christine Poyer-Rufenacht (Paris), supported by associate Ash Tiwari. Atlas Mara was advised by King & Wood Mallesons SJ Berwin.