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.