Amethis Finance ("Amethis") and the National Bank of Canada ("National Bank") - one of Canada’s leading integrated financial groups - are pleased to announce the acquisition of a minority stake in NSIA Participations ("NSIA"), a financial group headquartered in Abidjan, Ivory Coast, with operations in 12 countries across West and Central Africa.
With this transaction, the consortium, composed of Amethis and National Bank, acquire the 26.24% equity stake held by ECP Africa Fund III PCC in NSIA.
This transaction is Amethis’ fifth investment in the Sub-Saharan Africa’s financial sector and its ninth since inception, only two years ago. The closing of this transaction however remains conditional upon regulatory approvals, and notably approval by the CIMA (Inter African Conference for the Insurance Market).
Founded in January 1995 by current Chairman and Group CEO and 40-year insurance industry veteran Jean-Kacou Diagou, NSIA is the leading insurance group in French-speaking Africa. It also owns and operates the third largest banking institution in Côte d’Ivoire, BIAO which it acquired in 2006 and recently renamed NSIA Bank Côte d’Ivoire. In 2010, it created NSIA Bank Guinée and has started gearing the group as an undisputable leader in the West African Bancassurance landscape.
Today, the Group develops a wide spectrum of financial services products and enjoys a unique network composed of 25 life and non-life insurance companies, 2 banks, 58 banking retail offices and 42 insurance offices spread across 12 Central and Western African countries.
Historically, the group has achieved a swift and efficient regional expansion centered on its insurance core business and now aims at developing its banking activities in order to foster further growth through opportunities and synergies arising from the bancassurance distribution model. By harvesting the fruits of the partnership with Amethis and National Bank, the Group will dispose of significant financial resources and the necessary expertise to achieve this strategic goal.
"By partnering with the National Bank of Canada in their bid for the NSIA Group, Amethis’ founders confirmed the long-standing confidence they have in our Group. Luc Rigouzzo and its partners are well-known African investors specialists and have again restated their willingness to be long-term, active and reliable partners for the Group, which pleases me greatly" declared Jean Kacou DIAGOU
"Amethis is glad to support, alongside National Bank, the development of a major player such as the NSIA Group, which became a reference in terms of Bancassurance in West and Central Africa, as well as to contribute to the expansion of its activities on the African continent" stated Luc Rigouzzo, Managing Director at Amethis.
With this transaction, Amethis has gathered two leading institutions in their respective geographies with the objective of building a long-term mutually beneficial partnership. This willingness to assemble international institutions such as National Bank with African entrepreneurs is at the heart of Amethis’ strategy.
"This transaction is a great opportunity for Amethis to play an instrumental role in the setting up of a long-term partnership between two leading financial institutions, thanks to its expertise in the Sub-Saharan financial sector, and also to foster NSIA’s ambitions to become the leading player in the banking and insurance landscape in Sub-Saharan Africa" highlights Laureen Kouassi-Olsson, Investment Director and head of the Financial Institutions at Amethis Finance.
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