Atlas Mara, a financial services company headquartered in the British Virgin Islands, has appointed former Equity Bank Head of Finance, Innovation and Technology John Staley as the new CEO effective 1st May 2018.
Mr Staley replaced John Vitalo who stepped down in February 2017 under unclear circumstances.
According to Bob Diamond, former Barclays CEO and Atlas Mara’s chairman and co-founder, the appointment of Staley demonstrates the company’s ambitions including building “leading IT infrastructure.”
The Financial Figures
The company’s statutory net profit surged from $8.4 million to $45.4 million “including acquisition gains and restructuring costs.”
Total revenue increased 6.6 per cent to $260.5 million which was attributed by a lower cost of funding, particularly, in Botswana.
Net interest income surged 13 per cent to 145.3 million with growth in Zambia, Mozambique, and Zimbabwe. The net interest margin on earning assets rose to 6.5 per cent from 6.3 per cent in 2016.
Diamond said earlier this year: “Despite headwinds, we saw significant penetration across customer segments, and every country achieved positive profit after tax for the year. We are better positioned to grow within our markets, and to benefit as they turn the corner economically.”
Atlas Mara has banking operations in seven Sub-Saharan countries and some of its investments include Union Bank of Nigeria, BancABC headquartered in Botswana, and BPR headquartered in Kigali.