AfrAsia Bank opens shareholding to Intrasia Capital
January 26, 2010
Business Magazine – Jean Paul Arouff
AfrAsia Bank Limited continues its regional expansion. The bank has opened its shareholding to a new strategic partner, Intrasia Capital, a Singapore-based firm. The new shareholder, an investment, development and boutique private equity firm, will mainly contribute to the development of the Bank’s regional presence.
Intrasia Capital has invested across a wide variety of sectors and geographies, at all stages of a company’s growth: from providing seed capital through to expertise in the growth stages. Its particular expertise is in business development in Indian Ocean and Asian nations – Madagascar, Mozambique, Mauritius, Bangladesh, Singapore, Indonesia and Australia.
In Mauritius for example, its subsidiaries, Vitagrain and Vita Rice, are developing hybrid rice seed and rice farming projects to provide food security for Mauritius.
AfrAsia Bank’s financial performance, growth plans and strategic vision have been clearly validated by the encouraging response from new investors, the Bank said. In its previous financial year, the Bank added a South African shareholder, Trinity Financial Group. This has helped to establish two representative offices in Cape Town and Johannesburg. The newly joined shareholder will also facilitate the Bank’s growth strategies which include the intention to ultimately establish a representation in Singapore.
Mr James Benoit, CEO of AfrAsia Bank, declared: “By focusing on the delivery of integrated banking services to the local and international markets coupled with our client-centric approach, AfrAsia Bank aims to be the reference point for Corporate & Investment Banking, Private Banking and Global Business Solutions linking Mauritius and the Africa-Asia trade corridor by being closer to those markets. With our new FII Licence in India and our two international shareholders facilitating our regional growth, we are delivering on our promise to be a truly one stop boutique regional bank that links these two continents together seamlessly. Both South African Trinity Financial Group, through its subsidiary Dale Capital Partners, and Intrasia Capital from Singapore with strong links to Australia and Indonesia, support our strategic vision of expanding our activities regionally.”
The Chairman and CEO of Intrasia Capital, Mr. Graeme Robertson, remarked that the strategic vision of AfrAsia Bank was compelling to Intrasia’s own growth strategies. “We have been greatly impressed by the growing footprint of AfrAsia Bank as an innovative financial services provider bridging the gap between Africa and Australasia. The Indian Ocean Rim provides bountiful opportunities for smaller banks and Intrasia is pleased to be joining with AfrAsia to help grow these opportunities,” said Mr Robertson.
“We see tremendous business opportunities from Singapore on the Global Business front and AfrAsia can tap those markets by demonstrating the advantages of using Mauritius as a platform for investment from Singapore to Africa,” he added.
Intrasia Capital, a new shareholder for AfrAsia Bank
January 22, 2010
Lexpress Mauritius – Stéphane Saminaden
AfrAsia Bank pursues its regional expansion by welcoming a new shareholder, Intrasia Capital from Singapore.
The new partner is an investment and development body, and a boutique private equity firm. Based in Singapore, it will help AfrAsia Bank to better establish its presence at the regional level.
Intrasia Capital is mainly focused on investments. Its specialty resides in the development private and public companies of high growth potential in the energy, real estate, agricultural and financial services sector.
Last year, AfrAsia Bank had opened up its capital to a new partner, the Trinity Financial Group from South Africa. That had allowed the former to open two offices in Johannesburg and Cape Town, respectively. With the new comer, AfrAsia Bank is considering a representation in Singapore to further enhance its regional network.
The ambition of AfrAsia Bank is to become a reference as a merchant bank, investment bank, private bank and “global business” linking Mauritius to the commercial corridor between Asia and Africa. The Trinity Financial Group and Intrasia Capital share the same vision of extending the bank’s activities throughout the Indian Ocean rim region, said James Benoit, Chief Executive of AfrAsia Bank.
In Mauritius, Intrasia Capital is a financial partner of Vitagrain, a company engaged in the production of hybrid rice seeds.
The Trinity Financial Group has announced the acquisition of 70% of the capital of Dale Capital Partners Holding and is to revive its historic strategy of investing in the finance, leisure, food and IT sectors. The Trinity Financial Group will, from now on, be known as the Dale Capital Group Ltd. Furthermore, the company intends to reduce the value of its shares threefold, which will be, from March onwards, listed in rupees instead of dollars as was the case so far.
The company wants to be more approachable for Mauritian and South African investors.
This article was translated from the french language article below:
L’AfrAsia Bank poursuit son expansion régionale en s’ouvrant à un nouvel actionnaire, Intrasia Capital de Singapour.
Le nouveau partenaire est un investisseur, développeur et une boutique de placement privé. Basé à Singapour il aidera l’AfrAsia Bank a mieux asseoir sa présence au niveau régional.
Intrasia Capital se concentre surtout sur l’investissement. Sa spécialité est le développement des compagnies privées ou publiques à fort potentiel de croissance dans les secteurs de l’énergie, des matières premières, du foncier, de l’agriculture et des services financiers.
L’année dernière, l’AfrAsia Bank avait ouvert son capital à un nouveau partenaire, le Trinity Financial Group d’Afrique du Sud. Ceci lui avait permis d’établir deux bureaux à Johannesbourg et à Cape Town, respectivement.
Avec le nouveau venu, AfrAsia Bank envisage une représentation à Singapour, agrandissant davantage son réseau régional.
L’ambition de l’AfrAsia Bank est de devenir une référence comme banque d’affaires, banque d’investissement, banque privée et de « global business » reliant Maurice et le corridor commercial entre l’Asie et l’Afrique. Le Trinity Financial Group et Intrasia partagent la même vision d’étendre les activités de la banque dans toute la région du bassin de l’Océan indien, a déclaré James Benoît, Chief executive de l’AfrAsia Bank.
A Maurice, Intrasia est une partenaire financier de Vitagrain, une compagnie engagée dans la production de grains de riz hybride.
Pour sa part, le Trinity Financial Group a annoncé l’acquisition de 70% du capital de Dale Capital Partners Holding et compte renouer avec sa stratégie historique d’investir dans la finance, les loisirs, l’alimentation et l’informatique.
Le Trinity Financial Group sera désormais connu comme le Dale Capital Group Ltd. De plus, la compagnie a l’intention de diviser par trois la valeur de ses actions qui seront à partir de mars coté en roupie au lieu d’être coté en dollar comme c’était le cas jusqu’ici.
La compagnie souhaite être plus abordable pour les investisseurs mauriciens et de l’Afrique du Sud.
AfrAsia Bank is the first Mauritius domestic bank to obtain the FII license in India
January 15, 2010
AfrAsia Bank has become the first domestic bank in Mauritius to obtain the Foreign Institutional Investor (FII) license from the Securities & Exchange Board of India (SEBI). This will enable the bank to provide a complete bouquet of service to its global business clients and facilitate their investments into Indian stocks and debt market using the sub-account route of FII. Presently only a few major international banks and also a few asset management companies provide this facility in Mauritius. AfrAsia Bank continues to efficiently execute its boutique banking focus for its corporate and institutional clients with a carefully selected and targeted range of customized products, services and delivery channels.
An FII is an institution established or incorporated outside India, which proposes to make investments in securities in India and regulated under the strict provisions of the SEBI. Sub-Account on the other hand means “any person resident outside India, on whose behalf investments are proposed to be made in India by a FII and who is registered as a sub-account under these regulations.” A foreign investor who does not wish to go through the full administrative hassle of applying and registering as an FII, may invest in India as a sub-account. This route has become one of the most utilised by investors to access the Indian market. It includes foreign corporates, foreign individuals and institutions, sovereign wealth funds, funds or portfolios established or incorporated outside India. There are less disclosure requirements and simpler documentation in the case of sub-account. Only one form is required to be completed, unless SEBI asks for constitutive documents. Moreover, it is the FII which applies to SEBI for sub-account registration. Eligibility criteria for sub-account registration are less stringent as compared to FII registration. Hence, the funds / entities which are not eligible for FII registration can be registered as sub-accounts, provided they are eligible for sub-account registration. For example, a fund that has been recently set up can invest in India as a sub-account of an FII although it cannot be registered as an FII.
“We are very pleased to have received SEBI’s approval and license. The Banking Industry is amongst the fastest growing sectors in the country and International business presents an interesting opportunity.” said James Benoit, AfrAsia Bank CEO. “It is not yet a crowded investment market here and we think that there is great merit in delivering solutions rather than just launch products. It is this investor centric approach built on customer oriented communication, long term relationships and enduring wealth creation that will seek to differentiate AfrAsia Bank. This is an important step in our strategy to tap the Indian market.” reiterated Mr James Benoit.
AfrAsia Bank has also entered into a strategic tie up with leading ICICI Bank for providing custodial services in India to its clients. AfrAsia’s relationship with the largest private sector bank of India has grown in strength in recent months. To provide most professional and seamless service to clients at most competitive margin, AfrAsia has also put in place various relationships with some of the most reputed and efficient broking houses based in Mumbai. The Bank is now fast developing capabilities for other value added services related to this activity, which will come with personalized services for which the Bank has already carved a niche for itself.