Written by Niyi Aderibigbe | From Ventures Africa

National Bank of Canada (NBC) has bought a 9.5 percent stake in Mauritius-based AfrAsia Bank Limited, its first foray into Africa, as it focuses on exploiting opportunities offered by emerging markets.

“We are pleased to partner with AfrAsia Bank and have the opportunity to use our expertise and resources to contribute to its development,” said Louis Vachon, President and Chief Executive Officer of National Bank of Canada. “This investment will be the first by National Bank of Canada in Africa. We believe its fast-growing and emerging economies 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.

The bank’s growth plans and strategic vision is led by the founder shareholder GML, a Mauritian conglomerate.

“Since inception, AfrAsia Bank’s vision has been to bring change and innovation to Mauritius banking, and to grow regionally as well as internationally. Over the past seven years, we have been consolidating our presence locally while reinforcing our footprint through our representative offices in South Africa and in London, and our associate company in Zimbabwe,” said Arnaud Lagesse, Chairman of AfrAsia Bank.

Read more at Ventures Africa