Amethis Finance has taken a 17.1% stake in CIEL Finance, the banking and financial services arm of Mauritius-based CIEL group.

The private equity firm also intends to further increase its participation in CFL to 24.9% during the course of 2015, in parallel to the transfer under CIEL Finance of CIEL Limited’s participation in BNI Madagascar.

Laurent Demey, Managing Partner at Amethis Finance, said: “Amethis is delighted and proud to have entered into such a long-term partnership with CIEL. This transaction is the first milestone of a successful expansion plan for CIEL Finance. Our network, expertise and track record in the financial sector in Sub-Saharan Africa will serve the consolidation and expansion of its subsidiaries so as to foster the emergence of a leading pan African financial group.”

This partnership aims at creating synergies between the two groups and optimising their development in the banking and financial Services sphere in Sub-Saharan Africa and the Indian Ocean.

The two groups expect to generate additional business opportunities, share best practices and pool purchases through a systematic cooperation between their respective units.

CIEL Finance and Amethis share the same vocation to further expand their footprint through acquisitions or organic growth related to the financial industry.

CIEL Finance currently holds: 50% in Mauritius-based Bank One, 55.5% in IPRO (mutual funds & asset management – Mauritius and Botswana), 60.1% in MITCO group (fiduciary services, funds and companies administration in Mauritius and Seychelles), and 50% in KCP (Kibo Capital Partners – private equity management) and participation in the two Kibo funds managed by KCP.

Laureen Kouassi-Olsson, Financial Institutions Head at Amethis Finance, said: “The sub-Saharan Africa financial sector is key to us and this partnership with CIEL Finance is a testimony of our commitment to support, in the long run, pure African financial players in their expansion within the continent. CIEL Finance and its subsidiaries will benefit from the synergies offered by our portfolio and track record in the African Financial Institutions’ space.”

Marc-Emmanuel Vives, CIEL Finance’s CEO, added: “Having Amethis Finance as a shareholder and partner will open new opportunities to our group, by allowing us to accelerate its deployment in sub-Saharan Africa, sharing experiences and best practices between our two platforms, at the same time that it will benefit our clients by giving them access to an extended network of banks and countries.”

Philippe Hottinguer Finance has acted as advisor on this transaction.