The Board of Directors of AfrAsia Bank Limited (the “Bank”) wishes to inform the shareholders of the Bank and the public in general that AFG Holding (“AFG”) has entered into an agreement with the National Bank of Canada, IBL Ltd and other minority shareholders with the intention to acquire a 74.48% majority stake (the “Transaction”) in the share capital of the Bank.

 

AFG is the financial holding of Atlantic Group, a diversified conglomerate operating in the banking, insurance, industrial and telecommunications sectors with over 40 years in the banking sector, offering a wide range of sophisticated, value-added financial services, including international banking, cash management, brokerage and custody services, wealth management services, as well as corporate banking services such as trade finance, debt structuring, lending and foreign exchange solutions.

 

The implementation of the Transaction will be subject to the satisfactory completion of conditions precedent, the obtention of relevant regulatory approvals and any other approvals required by the parties. 

 

This Transaction will have no impact on the operations of the Bank which continues to be supported by a strong and dedicated Board of Directors and a Management team with a proven track record and deep expertise in banking and investment.

 

The anchor shareholders are confident that this Transaction will enable the Bank to consolidate its development by strengthening its banking activities in Africa and expanding its range of financial services including trade finance.