ATLAS Mara Limited
Strategic Update & Leadership Changes
TORTOLA, BRITISH VIRGIN ISLANDS--(Marketwired - Feb 16, 2017) - ATLAS Mara Limited (LSE: ATMA)
LSE: ATMA
Atlas Mara Limited
16 February 2017
Accelerated Strategic Execution, Successful Equity Raising, Leadership Change and Rationalization of Costs
Atlas Mara Limited (the "Company" or the "Group"), the sub-Saharan Africa banking group, today announces several measures to accelerate its strategic execution of its three core areas: Commercial and Retail Banking, Fintech, and Markets and Treasury. This will enable faster expansion and responsiveness to changes in the market environment. As part of the execution strategy, the company plans to significantly reduce operating expense and staff cost at the center by more than US$20 million per year on an annualised basis.
The Group's three core businesses will be run by existing Group leadership: Sanjeev Anand will become Group Managing Director for Retail and Commercial Banking, Mike Christelis, Group Managing Director for Markets and Treasury, and Chidi Okpala, Group Managing Director for Fintech.
Effective 15 February, John Vitalo stepped down as CEO and from the Board. John joined the company in 2014 as Atlas Mara's first CEO, leading the company to its current, profitable seven-country footprint and operational scale. The Board will appoint a new Group CEO in due course.
To seed its Fintech and Global Markets Business, and for general corporate purposes, the company successfully closed an oversubscribed equity raise through a placing of ordinary shares. Over 90% of this offering was subscribed by our existing shareholders, as announced to the market earlier today.
Atlas Mara expects its 2016 full year earnings to be broadly in line with market expectations.
Media
Teneo Blue Rubicon, +44 (20) 7260 2700
Anthony Silverman
About Atlas Mara
Atlas Mara Limited (LON: ATMA) is a financial services institution listed on the London Stock Exchange. Its vision is to create sub-Saharan Africa's premier
financial services institution through organic and inorganic growth by combining the best of global institutional knowledge with extensive local insights. With a presence in seven sub-Saharan
countries, Atlas Mara aims to be a positive disruptive force in the markets in which we operate by leveraging technology to provide innovative and differentiated product offerings, excellent
customer service and accelerate financial inclusion in the countries in which the Company operates. For more information, visit www.atlasmara.com.