Access Bank Liberia
Madagascar Bank Access
AB Microfinance Bank Nigeria
Access Bank Rwanda
Access Bank Zambia
ABIDJAN, Ivory Coast, September 26, 2024 -/African Media Agency(AMA)/- AFG Holding announced the signing of an agreement to acquire a majority stake in Access Holding (headquartered in Germany) and all of its subsidiaries in Africa, following negotiations that began in 2020.
The group of investors – the sellers – behind Access Holding included: British International Investment (BII), European Investment Bank (EIB), International Finance Corporation (IFC), Kreditanstalt für Wiederaufbau (KfW), two funds managed by ResponsAbility, Omidyar-Tufts Active Citizen Trust and Triodos Investment Management (through Triodos Fair Share Fund and Triodos Microfinance Fund) as well as founding partner LFS Advisory GmbH which will remain involved in Access Holding during a transition period as well as the management team.
LFS Advisory GmbH will thus guarantee and ensure the continuity of operations with the management team of Access Holding as well as that of the transferred subsidiaries.
Dr Bernd Zattler, Partner at LFS, said: “Our involvement will help ensure a smooth transition of ownership and continued support for micro and small businesses. »
The scope of the operation concerns five (5) African subsidiaries, namely:
Access Bank Liberia
Madagascar Bank Access
AB Microfinance Bank Nigeria
Access Bank Rwanda
Access Bank Zambia
AFG Holding was able to obtain all banking approvals and authorizations
regulatory requirements for this large-scale operation with the competent central banks, and the green light from the competition authority (antitrust), COMESA.
This demonstrates the scale of the AFG Group as well as its good reputation throughout Africa (notably West Africa, Central Africa, Indian Ocean, East Africa and Southern Africa). “This acquisition represents an important step in our ambition as an integrated pan-African banking group offering cutting-edge, fully digital services. With our experience in telecommunications, IT and financial services, AFG is well positioned to develop innovative digital financial solutions. For its part, Access Microfinance has acquired solid expertise in risk management and the implementation of digital channels adapted to the needs of microfinance clients. We are convinced that the synergy of our respective skills will generate a significant impact from which our clients and partners will undoubtedly benefit. With this acquisition of a key player in microfinance in Africa, AFG is now equipped to fully contribute to the financial inclusion of the populations of our host countries, now covering all levels of financing. » declared Mr. Léon Konan KOFFI, Chairman of the Board of Directors of AFG Holding.
*AccessHolding Shareholder Statement
On behalf of the management team, Mr. Thomas Engelhardt, CEO of Access Holding, said: “Since its inception in 2006, Access Holding has granted more than nine (9) million loans for a total amount of more than sixteen (16) billion euros, and gave a shining example of how responsible finance, financial inclusion and innovation can have a positive impact on the lives of micro and small businesses and on local economies. By passing the baton to AFG Holding, a renowned African private investor, the founding investors have accomplished their mission of initiating sustainable development. We will continue to support our banks in Georgia and Tajikistan through the newly formed holding entities in these countries.”
The firms which advised AFG on this transaction: FINACTU Group as exclusive financial advisor, Mazars (France) as audit firm and Willkie Farr & Gallagher (France) as law firm.
The firms that advised the sellers onAbout AFG Holding
Based in Ivory Coast, AFG Holding is the banking arm of Atlantic Group, active in Africa for more than 40 years of activity in the banking and insurance sector. With the acquisition of Access Holding, AFG is expanding its banking network with subsidiaries in Central and West Africa and the Indian Ocean. The AFG group thus continues its expansion and its ambition as an integrated pan-African banking group, offering innovative financial services through banking entities and microfinance with a sustainable impact.
Media contact
Flora Yao, Communication Manager f.yao@atlantic-group.netr this transaction: Norton Rose Fulbright (Germany) and Dentons Europe (Germany) as law firms.
Distributed by African Media Agency (AMA) pour AFG Holding
Source : African Media Agency (AMA)
2024-09-26 15:44:47
#AFG #Holding #acquires #majority #stake #German #group #Access #Holding #takes #control #
