Tanzania: Bancabc Exits Tanzania As It Enters Debt Talks

Atlas Mara Ltd, the African banking group started by former Barclays Chief Executive Officer Bob Diamond, agreed to sell its Rwandan and Tanzanian operations as the lender started talks with debt holders about upcoming repayments.

The group operates in Tanzania as BancABC. Kenya's biggest bank KCB Group Plc will buy a 62.06 per cent stake in the Rwanda business and Atlas Mara's Tanzanian unit to further expand its operations in the East African region, the Nairobi-based company said.

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