After dissapointing results and the departure of its CEO, John Vitalo and Chairman Arnold Ekpe, Atlas Mara has tapped existing investors for a further $13.5m. The mission however is bold - To try and create the first pan-African banking group based on new technologies.
By way of response, the group has seen fit to launch a strategic review to get itself back on track. From now on, the group intends to split itself into three units: commercial and retail banking, fintech, and markets, and treasury. It also plans to cut $20m of operating and staff costs in its central functions, which are mostly based in Dubai and Johannesburg. Various reports have cited rumours about taking the group private, but it’s thought investors have so far rejected this proposal.