On February 25th, 2015, Amethis Finance has taken a 17.1% participation in CIEL Finance Limited, the Banking & Financial Services cluster of Mauritius-based CIEL group.
CIEL Finance currently holds:
- 50% in Mauritius-based Bank One
- 55.5% in IPRO (mutual funds & asset management – Mauritius and Botswana),
- 60.1% in MITCO group (fiduciary services, funds and companies administration in Mauritius and Seychelles)
- 50% in KCP (Kibo Capital Partners – private equity management) and participations in the two Kibo funds managed by KCP.
The two partners also announce that Amethis Finance intends to further increase its participation in CFL to 24.9% during the course of 2015, in parallel to the transfer under CIEL Finance of CIEL Limited’s participation in BNI Madagascar.
This partnership aims at creating synergies between the two groups and optimising their development in the Banking & Financial Services sphere in Sub-Saharan Africa and the Indian Ocean. The two groups expect to generate additional business opportunities, share best practices and pool purchases through a systematic cooperation between their respective units.
Indeed, beyond their current portfolio of activities [Amethis already holds minority stakes in Fidelity Bank (Ghana) and in Chase Bank (Kenya)], CIEL Finance and Amethis share the same vocation to further expand their footprint in the above mentioned region through acquisitions or organic growth related to the financial industry. As a consequence, based on Amethis’ extensive experience in investing in this part of Africa and CIEL Finance’s regional presence, they will team up to develop their coverage of one of the most quickly emerging regions of the world, with a huge potential in particular in banking & financial services.
For Laurent Demey, Managing Partner at Amethis Finance, “Amethis is delighted and proud to have entered into such a long-term partnership with CIEL. This transaction is the first milestone of a successful expansion plan for CIEL Finance. Our network, expertise and track record in the financial sector in Sub-Saharan Africa will serve the consolidation and expansion of its subsidiaries so as to foster the emergence of a leading pan African financial group.”
“The sub-Saharan Africa financial sector is key to us and this partnership with CIEL Finance is a testimony of our commitment to support, in the long run, pure African financial players in their expansion within the continent. CIEL Finance and its subsidiaries will benefit from the synergies offered by our portfolio and track record in the African Financial Institutions’ space” added Laureen Kouassi-Olsson, Financial Institutions Head at Amethis Finance.
According to Marc-Emmanuel Vives, CIEL Finance’s CEO, “having Amethis Finance as a shareholder and partner will open new opportunities to our group, by allowing us to accelerate its deployment in sub-Saharan Africa, sharing experiences and best practices between our two platforms, at the same time that it will benefit our clients by giving them access to an extended network of banks and countries ”.
Philippe Hottinguer Finance has acted as advisor on this transaction.
CIEL Finance Limited
CIEL Finance Limited (“CFL”) is a subsidiary of CIEL Limited (“CIEL”) and the specialised Banking & Financial Services cluster of the group, today actively involved in 4 sub-sectors of the financial industry:
- Banking (Bank One / BNI Madagascar),
- Fiduciary Services and Companies / Funds administration (MITCO),
- Asset Management (IPRO), and
- Private Equity (Kibo).
With more than 1100 employees, CIEL Finance operates in Mauritius, Madagascar, Seychelles, Kenya, South Africa and Botswana.
CFL’s mission is to strengthen its presence in Sub-Saharan Africa and the Indian Ocean, where there is a huge growth potential with the rapid economic development in those regions, while generation additional value through synergies between the units of CIEL Finance and all partners associated to the company at various levels.
Amethis Finance is an investment vehicle dedicated to Africa, with a total investment capacity of USD 530 million. Amethis Finance has been created by a team of experienced investors and bankers led by Luc Rigouzzo and Laurent Demey and by La Compagnie Benjamin de Rothschild, subsidiary of the Edmond de Rothschild Group. They have been joined by a large group of private investors combining financial institutions and family offices. Amethis Finance is a “one stop shop” which provides all long-term financial instruments (long-term debt, equity and quasi equity investment), with high standards and objectives in terms of development, social and governance criteria. Amethis Finance ambitions to tap into a significant potential offered by the financial institutions landscape in Sub-saharan Africa and to dedicate 40% of its activity to this industry.
CIEL Limited is a leading diversified investment company in Mauritius, operating five business clusters spread across Mauritius, Africa and Asia with 26,500 employees. Since its beginnings in agriculture in 1912, the pioneering group is continuously exploring new avenues of development and international expansion. In January 2014, CIEL was listed on the Official Market of the Stock Exchange of Mauritius (ticker symbol: “CIEL.N0000”), following the merger of one of its investment companies into the Group’s holding company. With a market capitalisation of about MUR 11 billion (USD 367 million) and a consolidated turnover of MUR 8.5 billion for the 6 months period ending 31 December 2014, CIEL is one of the largest listed Mauritian companies. As at 31st December 2014, its portfolio was valued at 12.1 billion (USD 388 billion) Mauritian rupees.
For more information, visit www.cielgroup.com