Atlas Mara Co-Nvest Limited

Management Changes at BancABC

TORTOLA, BRITISH VIRGIN ISLANDS--(Marketwired - Dec 8, 2014) - Atlas Mara Co-Nvest Limited (LSE: ATMA)

LSE: ATMA 

8 December 2014

Management Changes at BancABC

ABC Holdings Limited ("BancABC") announces that Doug T. Munatsi, Group CEO, Beki Moyo, Group CFO, and Francis M. Dzanya, Group COO, will be stepping down from their roles at BancABC at the end of the year. This follows Atlas Mara Co-Nvest Ltd's ("Atlas Mara") successful completion of its acquisition of BancABC in August 2014.

Since the completion of the transaction, the executive management of Atlas Mara and BancABC have been collaborating on identifying opportunities for enhancing BancABC's operations and executing its strategy. As the group embarks on the next phase of its development, it was determined, together with the Board of Directors of BancABC, that now is the right time for Mr. Munatsi, Mr. Moyo and Mr. Dzanya to stand down.

Atlas Mara, in consultation with the Board of Directors of BancABC, has identified a highly-qualified team led by Simbarashe Ronald Pfende, as CEO, who, following appropriate vetting and approvals by relevant regulators, will, together with the Atlas Mara team, be focused on leading BancABC's future growth and development. Ronald will be supported by Makhosi Boyede and Amelia Reynecke, who have been appointed as Co-COOs, and Christine Bronkhorst, who has been appointed as CFO. Mr. Munatsi, Mr. Moyo and Mr. Dzanya are working closely with Atlas Mara and the new management team to ensure a carefully managed transition.

Additionally, Howard Buttery has stepped down from his role as Chairman of the Board of Directors of BancABC and will be leaving the Board at year-end, as will fellow director, Ngoni Kudenga. John Vitalo, CEO of Atlas Mara, has been appointed as Interim Chairman, subject to regulatory approval, and Bradford Gibbs, a member of the Atlas Mara Executive Committee, has also joined the Board of BancABC.

Doug Munatsi, Group CEO of BancABC, said: "Beki, Francis and I have decided that, following the completion of Atlas Mara's acquisition and the recent closing of Atlas Mara's mandatory offer, it is an opportune time to leave the group. We are particularly confident in BancABC's future knowing that the majority shareholder has the access to capital, expertise and experience to continue to grow the institution. I am tremendously proud of what we have accomplished during the past two decades and would like to thank BancABC's employees, customers and our Board, particularly two of our long-standing directors, Howard Buttery and Ngoni Kudenga, for their support during the past several years."