National Bank of Canada has bought a 9.5% stake in Mauritius-based AfrAsia Bank, its first foray into Africa. A spokesperson of the bank said this investment will be the first by National Bank of Canada in Africa and it hopes to make use of the fast-growing and emerging economies which offer attractive market opportunities. The investment also represents a major vote of confidence in AfrAsia’s business model, financial standing and unique positioning in regional and international markets, which have also been validated by other investors such as the Singaporean private equity firm, Intrasia Capital and French partner PROPARCO. AfrAsia Bank’s total assets at the end of June 2014 were recorded at $1.56 billion. By offering tailor-made and innovative banking and investment solutions, with expertise in the local and international financial sectors, AfrAsia Bank aims to grow from having clients in 104 countries to becoming one of the biggest players in Africa and expanding in European as well as American markets.
