Paris, 22 December 2022 –
Upon completion of its investment, Amethis announces its planned exit from the capital of CIEL Finance Limited
Amethis invested in 2015 in CIEL Finance Limited (CFL), the financial arm of CIEL Group, one of the leading Mauritian groups, to support its development in Madagascar following the acquisition of BNI. Amethis’ exit from CFL’s capital was successfully completed at the end of December, via a share buyback by CFL, financed through a fundraising on the Mauritian market, demonstrating the market’s confidence in the Group’s growth prospects.
A member of CIEL Group platform dedicated to the banking and financial sectors, CFL has two major investments, BNI in Madagascar and Bank One in Mauritius, and a trust and fund administration services company, MITCO.
Former subsidiary of Crédit Agricole, BNI successfully converted from a corporate banking model into a universal bank by offering banking services to individuals located throughout the country. The bank rolled out a large network over the past 8 years growing the number of branches from 28 to 107 and became the leading bank in Madagascar. Committed to propose innovative products and services, BNI developed a digital offer with the mobile wallet “Mvola” and the launch of KRED, a digital credit offer dedicated to SMEs. BNI recorded a spectacular evolution with a balance sheet multiplied by 3 since its acquisition by CFL in 2014.
Bank One experienced a similar strong growth trajectory, thanks to the development of its international banking business, particularly in Africa. To support its ambitious growth plans, the bank made significant progress on its largest digital and systems investment programme. Transforming itself from a small domestic bank to an international player with a strong focus on Sub-Saharan Africa, thereby expanding its customer base in regions where its shareholders have a significant presence. A recent example of an innovative digital service launched by Bank One was POP, a new payments application based off the back of the Bank of Mauritius Instant Payments system.
The support of their shareholders has enabled both banks to grow and make a strong contribution to financial inclusion on the continent.
Lakshman Bheenick, Managing Director of CFL, said “Amethis’ entry into our capital came at a crucial period in our development, allowing us to transform CIEL Finance over the last few years into a regional banking and financial platform. Amethis has been a strategic and leading partner to accompany us during this growth phase.”
Luc Rigouzzo and Laurent Demey, managing partners of Amethis, declared “Amethis is proud to have accompanied CFL in its development, in particular in Madagascar, through BNI. This successful venture demonstrates that Africa offers profitable opportunities for foreign investors. We wish CIEL and CFL every success in the further development of the group.”
Founded by Luc Rigouzzo and Laurent Demey and member of the Edmond de Rothschild Private Equity Partnership, Amethis is an investment fund manager focused on the African continent, with assets under management close to USD 1 billion and more than 30 investments completed to date. Amethis provides growth capital to promising mid-market champions in a variety of sectors, offering growth support through its international network covering Europe and Africa. With six offices in Paris, Abidjan, Casablanca, Nairobi, Cairo and Luxembourg, the Amethis team comprises over 45 experienced professionals with strong regional and sectoral expertise. www.amethis.com
About Edmond de Rothschild Private Equity
Edmond de Rothschild Private Equity is an independent player within the Edmond de Rothschild Group and manages over EUR 3 billion in assets under management. With an entrepreneurial approach to finance and supported by strong convictions, Edmond de Rothschild Private Equity builds and develops differentiating investment strategies that provide a sustainable response to environmental and social issues.
Founded in 1953, Edmond de Rothschild currently has CHF 178 billion in assets under management, 2,500 employees and 32 offices worldwide.
CIEL Finance is the Mauritian financial group of the CIEL Group, specialised in banking and financial services. Established in 2013, CIEL Finance employs 1 500 employees and manages 2 banks and a fiduciary business across the African continent. Through its subsidiaries, CIEL Finance operates in 4 countries, including Mauritius, Madagascar, Seychelles and Dubai with the mission of developing synergies between the different entities of the group and its expansion in sub-Saharan Africa.
About CIEL Limited
CIEL is a Mauritian international group, listed on the Stock Exchange of Mauritius, and active in six business sectors (Textiles, Services, Financial, Health, Hotels, Land and Agro) and more than 10 countries in Africa and Asia. The Group employs 38,000 people and had a turnover of MUR 28.5 billion by 30 June 2022. www.cielgroup.com