Amethis acquires a minority interest in CFG Bank Morocco

Amethis and Africinvest are pleased to announce their equity partnership with CFG Bank.

Created in 2012, CFG Bank is praised as pioneer of Investment Banking in Morocco. The institution then expanded its activities and continuing with that trend has recently expanded with a full innovative commercial bank offering with a niche proposition within the sector.

CFG Bank was a pioneering institution in Morocco’s investment banking business and is recognized today for its leading position in Asset Management and Brokerage services. Created in 1992 on the eve of the Moroccan stock market reform, by Adil Douiri and Amyn Alami, it made a first turn towards retail banking in the early 2000s by creating a subsidiary dedicated to stock market investment products for retail customers. This strategic turning point accelerated in 2012 when CFG Bank decided to expand its activities by launching a multi-channel universal bank for premium clients. The commercial bank was officially launched in November 2015 and after two years of operation, it already has more than 7000 clients. CFG Bank’s ambition is to revolutionize retail banking in Morocco by offering its customers high-quality tailor-made daily banking services with a strong digital component. The Moroccan institution enjoys a singular position within the Moroccan banking sector: that of a “hybrid” bank that combines proximity with a network of restricted agencies ensuring a unique and high-value-added services offering and relying on state-of-the-art technology, therefore ensuring the availability of products and services via digital distribution channels.

Amethis is therefore investing in a hinge period for CFG Bank and wishes to support it in this new stage of its development. “We are pleased to support CFG Bank’s expansion into retail,” said Laureen Kouassi-Olsson, Head of Financial Services at Amethis. “We believe that digitalization is the future of commercial banking in Africa. CFG’s retail strategy combines the traditional approach of a universal bank with that of a digital bank, ensuring a multi-channel offering and state-of-the-art services. CFG is thus revolutionizing the Moroccan banking sector by introducing a hybrid and innovative model, that of the “click and mortar” as opposed to the traditional “brick and mortar” characterizing traditional retail expansion strategies within the banking industry on the Continent.”

“AfricInvest is proud to join forces with CFG as it expands from its position as a successful and innovative investment bank to become a pioneering universal bank. The Moroccan financial services market is ready for a new customer-centered, modern banking experience and CFG is positioning to meet this need. Blending cutting-edge technology and first-class human-led customer care, CFG will democratize high-end services and pave the way for a new generation of banking, not only in Morocco, but well beyond” added Brahim El Jai, Partner at AfricInvest.

We are delighted with this partnership with Amethis and Africinvest. This investment will allow us to benefit from their vast experience of African commercial banks and their solid network in the African and European financial sector thanks to the partnership of Amethis with the Edmond de Rothschild Group, as well as a strengthened capital base to be able to continue to implement our ambitious commercial banking project. “welcomed Younes Souad Benbachir the Managing Director.

 

About Amethis – Created in 2012 by Luc Rigouzzo and Laurent Demey, former executives of Proparco, in partnership with the Edmond de Rothschild Group, Amethis is an investment fund manager dedicated to the African continent, with nearly 600m€ under management, positioning itself as a long-term investor. Amethis is supported by many private investors, financial institutions and family offices, all characterized by a strong entrepreneurial spirit.

Amethis invests in both equity and quasi-equity with high social, environmental, development and good governance goals. During the last years, Amethis has completed 15 transactions in its various sectors such as financial services, retail, logistics and the medical field.

Amethis has offices in Paris, Luxembourg, Abidjan, Casablanca and soon Nairobi.

  

About Africinvest – AfricInvest Group is a leading private equity firm in Africa, with more than 140 investments in several sectors. AfricInvest has an experience of 24 years, with total assets under management of 1 billion euros in 25 countries. It has made a significant contribution to the economic development of the countries in which it operates, through the growth of sales and the improvement of the profitability of the companies in his portfolio. Operating through 8 offices, 7 in Africa (Abidjan, Algiers, Cairo, Casablanca, Lagos, Nairobi and Tunis) and one in Paris, AfricInvest is active in the capital of African companies leaders in their business segments who have regional and continental growth objectives, particularly in the financial sector, where the group has extensive expertise and dedicated investment teams and vehicles.