Atlas Mara was founded in 2013 as a financial services corporation set to buyout banks across the continent of Africa and be positioned as the leading parent company in the continent’s financial services industry. Atlas Mara is parent company to Nigeria’s Union Bank and entities of Banc ABC in Tanzania, Mozambique and Zambia. Founded by 2 notable men, Bob Diamond and Ashish Thakkar, many continent leaders and entrepreneurs had high hopes for Atlas Mara Company. In Q4 2020, it was publicized that Atlas Mara was having significant financial issues as the company’s stock price declined by over 96%. The executives of Atlas Mara also decided to exit their operations in Rwanda and Tanzania as revenue and growth opportunities also declined in other countries.
Top 3 Reasons For Atlas Mara Decline:
- Unpredicted circumstances surrounding year 2020 – COVID-19, recessions, protests, political coups etc. Africa has been the worst hit continent of the effects of COVID-19.
- According to reports, Ashish Thakkar may have falsified his achievements leading up to the media embrace of Atlas Mara that helped raise at least three-quarters of a billion for the company. In 2013, it was publicized that Thakkar ran a conglomerate based in Dubai, with operations in 19 African countries and approximately $400m in annual income. Interestingly, 4 years later in 2017, Thakkar’s divorce documents indicated his assets merely totalled €500k.
- According to analysts, acquisitions by Atlas Mara since 2014 have mostly been poor decisions in part attributed to lack of adequate knowledge of the African market. Atlas Mara acquired a lot of bad debt from certain acquisitions.
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