National Bank of Canada has agreed to purchase 20.9% stake in NSIA Participations, a financial group headquartered in Abidjan, Côte d’Ivoire, with operations in 12 countries across West and Central Africa.
With the transaction, National Bank and Amethis Africa Finance, a private investment fund, will acquire the stakes held by private equity fund ECP Africa Fund III PCC in NSIA.
Under the deal, to be concluded in the third quarter of 2015, National Bank will have a 20.9% interest, while Amethis Finance will hold 5.4%.
NSIA president Jean Kacou Diagou said: "This partnership is a long-term alliance intended to create value for both of our institutions as well as promote economic development in Africa. The participation of Amethis Finance, an investment vehicle specialized in Africa, is an additional asset for NSIA."