Dr. Bernd Zattler, partner of LFS, said: “Our involvement will help to ensure smooth transition of ownership and continued support to micro and small enterprises.” The scope of the operation involves five African subsidiaries, namely:
The combined assets exceed EUR 150 million with a loan portfolio of EUR 135 million as of December 2023. AFG Holding was able to obtain all banking approvals and all regulatory authorizations for this large-scale operation from the competent central banks, and the green light from the competition authority (antitrust), COMESA.
This testifies to the scale of the AFG Group and its good reputation throughout Africa (West Africa, Central Africa, Indian Ocean, East Africa and Southern Africa). “This acquisition is a major step in our ambition to build a pan-African banking group offering cutting-edge, fully digital services. With our expertise in telecommunications, IT, and financial services, AFG is ideally positioned to develop innovative digital financial solutions. On the other hand, Access Microfinance Holding has acquired solid expertise in risk management and the establishment of digital channels tailored to the needs of microfinance clients. We are confident that the synergy of our skills will generate significant impact, benefiting our clients and partners. With this acquisition of a key player in African microfinance, AFG is now equipped to fully contribute to financial inclusion across the continent, covering all levels of financing needs.” said Mr. Léon Konan KOFFI, Chairman of the Board, AFG Holding SA.
On behalf of the management team, Mr. Thomas Engelhardt, CEO of AccessHolding, commented: “Since its foundation in 2006, the Access Group has disbursed more than 9 million loans totalling EUR 16 billion and has set a shining example for how responsible finance, financial inclusion and financial innovation can positively impact the lives of micro and small entrepreneurs and their local economies. By handing over the baton to AFG Holding, a private African investor, the founding investors have accomplished their mission of initiating sustainable development.”
Firms advising AFG on this transaction: Groupe FINACTU as exclusive financial advisor, Mazars (France) as audit firm and Willkie Farr & Gallagher (France) as law firm. Firms advising the selling shareholders on this transaction: Norton Rose Fulbright (Germany) and Dentons Europe (Germany) as law firms.Hashtag: #AFGHolding
The issuer is solely responsible for the content of this announcement.
Based in Ivory Coast, AFG Holding is the banking arm of Atlantic Group, active in Africa for more than 40 years in the banking and insurance sector. By acquiring Access Holding AFG Group expands its banking network with subsidiaries in Central, West Africa and the Indian Ocean and pursues its ambition as an integrated pan-African banking group, offering innovative financial services through banking entities, and microfinance with sustainable impact.
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