Emerging Capital Partners (ECP) has exited la Nouvelle Societé Interafricaine d’Assurance Participations SA (NSIA) through the sale of its 26.3% equity stake to the National Bank of Canada (National Bank) and Amethis Africa Finance (Amethis Finance).

National Bank will have a 20.9% interest, while that of Amethis Finance will be 5.4%.

NSIA is a major financial services group providing a wide range of banking and insurance products and services to individual and business clients.

NSIA is the leading insurance group in French-speaking West and Central Africa and the third largest banking institution in Côte d’Ivoire with 25 subsidiaries, 58 bank branches, 42 insurance agencies and assets totalling more than €1.2bn.

Vincent Le Guennou, Co-CEO of ECP, said: “The success shown by NSIA during our holding period demonstrates the significant potential within Africa’s high-growth financial services sector. It also exemplifies how we partner with regional companies with proven business models to support regional expansion and help them achieve their next growth phase."

"The sale to National Bank and Amethis Finance is a testament to the continuing hard work of the management team at NSIA and we wish the company well as it continues its ongoing development,” he said.

ECP’s initial investment of $47.7m (€35m) was made in 2008 through the purchase of common shares.

During the holding period, ECP contributed to steering the board, playing a prominent role in strengthening corporate governance and operational process whilst supporting NSIA’s expansion into five new markets- Guinea, Mali, Nigeria, Ghana, and Cameroon.

With ECP’s assistance, NSIA has improved its turnover by 88% and doubled its number of employees across West Africa.

ECP also supported the launch of Foundation NSIA in 2013, a program created by the group, to support education for women in the community as well as providing support to selected community development projects.

Jean Kacou Diagou, President of NSIA said: “We are very grateful for the support and guidance ECP has demonstrated throughout our six year journey. Their deep knowledge of the West African financial services sector was a key factor in their involvement. We look forward to a long term alliance with the National Bank and Amethis Finance as we continue to promote economic development in Africa”.