Cauris Management, the first regional private equity fund manager established in Francophone West Africa, has agreed to invest FCFA 4.1bn ($6.3m) in Banque Atlantique, the regional banking group, through Atlantic Financial Group (AFG).
The firm will make the investment through its Fonds Cauris Croissance II vehicle.
AFG and Moroccan banking group Banque Centrale Populaire (BCP) both hold an equal stake in Banque Atlantique, which has banking operations in Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal and Togo, a brokerage firm, an IT company and a representative office in France.
Fonds Cauris Croissance II is funding the development of the group activities.
Noël Yawo Eklo, CEO of Cauris Management, said the investment reflects the firm’s willingness to participate in the development of banking activities by providing reliable financial services to more customers, as banking penetration rates remain low in the region.
Cauris has invested in 42 companies since inception 18 years ago and exited 35 in its target region.
The firm’s portfolio has included companies operating in the agribusiness, financial services, hospitality, telecoms, consumer goods, and downstream oil and gas sectors.
It operates from offices in Lomé and Abidjan and has about FCFA 54bn ($82m) under management.
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