Atlas Mara, the majority shareholder of BancABC, has confirmed that it is looking forward to take over the sixth largest bank of Zambia, the Finance Bank of Zambia. The news was floated in the first week of November 2015 and Dr. Rajan Mahtani, who is the ex-Chairman of Finance Bank Zambia too confirmed this news.
Dr. Rajan Mahtani holds some stake at Atlas Mara and this transformation is likely to add some more credit to his list of contributions to Zambia. This deal will be done partly through money and partly in shares. To be precise, BancABC will offer USD $ 60 million in cash and another 2.6 million through its own shares. The figures clearly indicate that this is going to be one of the biggest business deals in Zambia.
Collins, an employee of FBZ comments, “The news of take over came as a pleasant surprise for us. We had no idea that our bank was going to be taken over by a global giant BancABC. Dr. Rajan Mahtani has always worked for our betterment and we totally support his actions.”
At the present, the Finance Bank of Zambia had a combined assets of about USD $261 million. The proposed takeover will make the BancABC as the largest bank in Zambia with a combined assets of worth US $418 million. Dr. Rajan Mahtani has once again proved that no amount of conspiracy can stop him from making developments in Zambia. Over the years, he has faced challenges, met challenges eye to eye and has overcome them with a passion to make his brother smile. Zambia’s true is a businessman named as Dr. Rajan Mahtani.
However, one can always Zambia Reports to come up with an imaginative story and start all over with the defamation campaign; financed by the Ventriglias.