AATIF invests EUR 30m in NSIA Banque Côte d’Ivoire (“NSIA Cdl”), Ivory Coast’s second largest bank.

PRESS RELEASE

In February 2019, AATIF finalised a EUR 30m facility agreement with NSIA Banque Côte d’Ivoire, S.A. (“NSIA Cdl”) to expand its agricultural lending in Francophone West Africa.

NSIA Cdl is the first banking subsidiary of the NSIA Group, a pan-African group operating in 12 countries and also active in insurance (non-life), financial intermediation and real estate. NSIA Cdl has the largest network in Ivory Coast with 83 branches as well as a representation office in Paris. The banking operations of the NSIA group were expanded by the 2017 acquisition of Diamond Bank Bénin S.A. Post-acquisition NSIA Cdl has become the second-largest bank in Ivory Coast as measured by total assets and deposits. The integration of Diamond Bank Bénin’s holdings and operations widens the client base of NSIA group whose focus is on retail clients and larger SMEs and corporates ‒ whereas Diamond Bank Bénin also serves smaller SME clients.

AATIF’s loan of EUR 30m will be used to expand NSIA Cdl’s agricultural lending in Francophone West Africa. Lending to NSIA CdI will allow AATIF to enter various francophone countries with an experienced partner offering co-lending opportunities to corporates active in agriculture in the future. NSIA Cdl will use the loan to on-lend (i) directly to its agricultural clients in Ivory Coast or (ii) indirectly via NSIA Bénin to customers in Benin, Guinea Conakry, Senegal or Togo.