Kenya’s Equity Group Holdings said on Tuesday it had entered discussions with London-listed financial services firm Atlas Mara Ltd. about buying stakes in banks in Rwanda, Zambia, Mozambique and Tanzania.

The group said in Nairobi that it was entering detailed transaction agreements to acquire, via a share swap, 62 per cent of the share capital of Rwanda’s Banque Populaire du Rwanda.

According to the group, the transaction agreements include 100 per cent of African Banking Corporation of Zambia, African Banking Corporation Tanzania and African Banking Corporation Mozambique.

(Reuters/NAN)