On September 18, 2024, AFG Holding announced the signing of an agreement to acquire a majority stake in Access Holding (headquartered in Germany) and all its African subsidiaries, 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 Fund, and Triodos Investment Management (through the Triodos Fair Share Fund and Triodos Microfinance Fund), as well as founding partner LFS Advisory GmbH, which will remain involved with Access Holding in a minority shareholder position during a transitional period, along with the management team.
LFS Advisory GmbH will ensure the continuity of operations with both the management team of Access Holding and the divested subsidiaries.
Dr. Bernd Zattler, partner of LFS, stated: “Our involvement will help ensure a smooth ownership transition and continued support for micro and small enterprises.” The scope of the transaction includes five (5) African subsidiaries, namely:
- Access Bank Liberia
- Access Bank Madagascar
- AB Microfinance Bank Nigeria
- Access Bank Rwanda
- Access Bank Zambia
AFG Holding has obtained all the necessary banking approvals and regulatory authorizations for this large-scale operation, particularly from five (5) central banks in Liberia, Madagascar, Nigeria, Rwanda, Zambia, and approval from the competition authority (antitrust), COMESA.
This demonstrates the scale of AFG Group and its solid reputation across Africa (particularly in West Africa, Central Africa, the Indian Ocean, East Africa, and Southern Africa). “This acquisition represents a significant milestone in our ambition to become 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. Meanwhile, Access Microfinance has gained strong expertise in risk management and the implementation of digital channels tailored to the needs of microfinance clients. We are confident that the synergy of our respective skills will generate a significant impact that will undoubtedly benefit our clients and partners. 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 in our countries of operation, covering all levels of financing,” said Mr. Léon Konan KOFFI, Chairman of the Board of AFG Holding.
*Statement from Access Holding shareholders On behalf of the management team, Mr. Thomas Engelhardt, CEO of Access Holding, stated: “Since its creation in 2006, Access Holding has granted over nine (9) million loans totaling more than sixteen (16) billion euros and has set a shining example of how responsible finance, financial inclusion, and innovation can positively impact the lives of micro and small enterprises as well as local economies. By passing the baton to AFG Holding, a renowned African private investor, the founding investors have fulfilled their mission of initiating sustainable development. We will continue to support our banks in Georgia and Tajikistan through the newly constituted holding entities in these countries.” The firms advising AFG on this transaction were: FINACTU Group as exclusive financial advisor, Mazars (France) as audit firm, and Willkie Farr & Gallagher (France) as law firm. The firms advising the sellers on this transaction were: Norton Rose Fulbright (Germany) and Dentons Europe (Germany) as law firms.
Atlantic Financial Group (AFG) is honoured to announce that it has reached an historic agreement with the State of Côte d’Ivoire to take over the activities of Banque Populaire de Côte d’Ivoire (BPCI).
The transaction, which is subject to approval by the WAEMU Banking Commission, provides for AFG Bank Côte d’Ivoire, the subsidiary of AFG Holding, to take over all of BPCI’s customers, staff and activities by the end of the 2023 financial year.
AFG would like to reassure all staff, customers and partners of Banque Populaire de Côte d’Ivoire that this acquisition is part of a plan to strengthen the Bank’s capacities and the quality of service they receive, and thus reiterates its commitment to maintaining operational stability in order to ensure continuity of services and to provide them with cutting-edge financial products that are perfectly aligned with their expectations and meet their needs.
This operation illustrates our strong desire to actively support the government in implementing its ambitious development plan for our country and also reflects our aspiration to play an important role in the Ivorian and African banking market.
About AFG Holding:
AFG is the financial arm of Atlantic Group, a diversified pan-African group with more than 40 years of uninterrupted activity in the banking sector.
With a presence in 7 countries in Central Africa, West Africa and the Indian Ocean, AFG is positioned as a pan-African financial partner of choice in the banking and insurance sectors, contributing to the development and intensification of financial inclusion for African populations.
. La marche a été organisée, en partenariat avec l’association Sport Dans Ma Vie (SDMV).
Ce marathon a vu la participation d’une centaine de personnes de tous les âges et de tous les horizons qui se sont engagés à franchir la ligne d’arrivée et à relever le défi.
A noter que la clientèle de la BICIM s’est également mobilisée pour donner un éclat particulier à l’évènement .
. La marche a été organisée, en partenariat avec l’association Sport Dans Ma Vie (SDMV).
Ce marathon a vu la participation d’une centaine de personnes de tous les âges et de tous les horizons qui se sont engagés à franchir la ligne d’arrivée et à relever le défi.
A noter que la clientèle de la BICIM s’est également mobilisée pour donner un éclat particulier à l’évènement .