Tuesday, March 26, 2019 UTC

AGF Magazine - March 2019 issue

  • We focus on fixed income opportunities in both public and private markets. Read on to find in which fixed income instruments and in which African markets to invest on pp. 10-11. In addition, Ashley Benatar of Ashburton Investments shares his views on benefits and risks of investing in mezzanine debt on p.22.
  • We speak with Jérémie Ceyrac, Head of Equity, Responsible Investments at Proparco to learn more about the French development institution, financial products on offer, recent investments in Africa and African impact investment scene (pp. 13-15).
  • This month’s market feature focuses on Nigeria. Sven Richter, Fund Manager, Drakens Capital, writes about his recent trip to the West African country and his observations. “While Nigeria is attractive as an investment destination, the GDP growth is a disappointment for a county that we expect to be one of the leaders in Africa,” he says (pp. 16-17).
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News > Private Equity > Deals

AfricInvest and Catalyst Invest in Kenya's Prime Bank

Africa Global Funds
Jan. 9, 2019, 10:31 a.m.
514

Word count: 359

AfricInvest and Catalyst Principal Partners, a pan-African and regional private equity firms, have invested in Prime Bank through AfricInvest Azure, a special purpose vehicle formed by AfricInvest and Catalyst Fund II.

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AfricInvest and Catalyst Principal Partners, a pan-African and regional private equity firms, have invested in Prime Bank through AfricInvest Azure, a special purpose vehicle formed by AfricInvest and Catalyst Fund II.

AfricInvest Azure SPV will hold a significant minority stake in Prime Bank. 

The transaction follows Prime Bank’s recent fully-subscribed private placement, the acquisition of a majority stake in Tausi Assurance, and the opening of several new branches throughout Kenya.

The transaction represents another significant investment in East Africa by AfricInvest, following on several previous successful acquisitions in the region through predecessor funds. 

Skander Oueslati, CIO for AfricInvest, said: “We are pleased to partner with Prime Bank in its transformative strategy to become a key player in East Africa’s financial ecosystem.” 

“The transaction is reflective of the type of investments AfricInvest pursues, with an emphasis on sustainable growth, regional expansion, innovation, strong management capacity, and clear visibility on stakeholder value creation. We are excited to play a part in this journey and will be fully supportive by leveraging our network and expertise.”

Established in 1992 in Kenya, Prime Bank offers an array of corporate and SME banking services through its branch and digital infrastructure. 

The bank also has a regional presence through its affiliates in Malawi, Botswana, Mozambique, Zambia and Zimbabwe as well as operating in the insurance sector through its subsidiary, Tausi Assurance.

Bharat Jani, Managing Director of Prime Bank, said: “Prime Bank welcomes this new partnership with AfricInvest and Catalyst, which further strengthens our capital base in order to carry out strategic plans which include institutionalising the governance and shareholding, expanding locally and regionally, optimising services, offering new products, and further digitalising operations while continuing to provide enhanced services to our customers.”

Amar Kantaria, Executive Director added, “The investment is a significant milestone in Prime Bank’s journey towards becoming one of the leading banking groups in the region and we are excited about the prospect of working together with our new partners in carrying out the bank’s vision.”

Prime Bank was advised by Walker Kontos and Theodore Partners in its capital raise with AfricInvest Azure SPV. AfricInvest Azure SPV was advised by Bowmans.

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