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Côte d’Ivoire-based Group set to acquire majority stake in Afrasia Bank

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Côte d’Ivoire-based Group set to acquire majority stake in Afrasia Bank

Mauritius-headquartered IBL Ltd will sell its 30.29% stake in AfrAsia Bank to AFG Holding, an entity registered in Côte d’Ivoire.

AFG Holding, a subsidiary of the Atlantic Group, will also acquire the shares of related parties and the National Bank of Canada. After the transaction has been receives relevant approvals, AFD Holding will own a 74.48% majority stake in AfrAsia’s share capital.

In a Cautionary Announcement issued on 29 December, IBL’s Board of Directors, said that “will be subject to the satisfactory completion of conditions precedent, the obtention of relevant regulatory approvals and any other approvals required by the parties”.

Defi Media cited a memo dated 29 December in which IBL’s management stated that the Group was exiting AfrAsia Bank after 15 years of constructive collaboration, and AfrAsia Bank was “in good financial health”.

A few days earlier, IBL Chief Executive Arnaud Lagesse announced that his group would no longer be dependent on the limited resources and markets of the Mauritian territory.

As at 30 June 2022, AfrAsia Bank’s balance sheet stood at USD4.6 billion and held deposits of USD4.4 billion.

FINACTU Group is the exclusive financial advisor to Atlantic Group on the transaction. BDO Mauritius is the financial audit firm. Wilkie Farr & Gallagher (France) and Dentons (Mauritius) are Atlantic Group’s legal advisors on the transaction. Rothschild & Co is the exclusive financial advisor to the sellers.

The shareholders and the investing public have been advised to exercise caution when dealing in the shares of the company.

AfrAsia Bank has often hit the headlines these past years over its boardroom and shareholders battles, revocation of its CEO, a multi-million dollar dispute against Mauritius’ SBM Bank, amongst others.

Sources: Stock Exchange of Mauritius, Financial Afrik, Defi Media

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.