ADC African Development Corporation AG
CEO and Founder Dirk Harbecke leaves ADC after seven successful years of building and running the sub-Saharan African financial services group

– Dirk Harbecke has been Founder and CEO since the inception of ADC

– Supervisory Board and Dirk Harbecke agree on a Termination Agreement with
  immediate effect

The CEO and Founder of ADC African Development Corporation AG, Dirk Harbecke, leaves the company with immediate effect. Mr. Harbecke and the Supervisory Board agreed on a Termination Agreement following the completion of the acquisition of ADC by Atlas Mara Co-Nvest Ltd. in late August.

Mr. Harbecke intends to focus on new projects.

Mr. Harbecke stated: “I am very proud of what we have built at ADC in the past seven years. I would like to thank the whole team and all our partners and friends in Africa, who worked with ADC to realize our vision of building a leading pan-African financial services group. I am happy that I had the opportunity to work in Africa on the ground, to meet remarkable people and entrepreneurs – and to make friends with so many of them. After the take-over of ADC by Atlas Mara, the company is in great hands to continue the vision of creating a leading pan-African banking group under new leadership.”

Alastair Newton, Chairman of the Supervisory Board, comments: “I have worked with Dirk for many years. With his entrepreneurial spirit and leadership, he was a driving force behind the vision of ADC and its implementation. We wish Dirk all the best for his future projects.”

Bob Diamond, Founder of Atlas Mara, adds: “Dirk and his team built a unique platform with ADC. I would like to thank him for the trust he showed in Atlas Mara and his support for the take-over offer that lead to an acceptance by more than 95% of ADC’s shareholders.”
 

About ADC
ADC African Development Corporation AG (ADC) (ISIN: DE000A1E8NW9; Bloomberg: AZC.GR; www.african-development.com) is a German open market (Entry Standard) listed holding company with investments in sub-Saharan Africa. ADC has a strong footprint in Southern Africa via BancABC, a regional commercial banking group operating in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe as well as in West Africa via Union Bank of Nigeria. Parallel to its banking operations, ADC has a private equity portfolio active in growth markets across sub-Saharan Africa. ADC is indirectly majority-owned by Atlas Mara Co-Nvest Limited which is listed on the main market of the London Stock Exchange. For more information, visit Atlas Mara’s website at www.atlasmara.com.