Amethis has successfully exited its investment in CIEL Finance Limited through a share buyback, reflecting confidence in the financial growth prospects in Madagascar and positioning CFL for continued independent success.

Information on the Target

Amethis has successfully announced its planned exit from the capital of CIEL Finance Limited (CFL), a vital financial arm of the CIEL Group, one of Mauritius' leading business conglomerates. Amethis invested in CFL in 2015, facilitating its development in Madagascar, particularly through the acquisition of BNI. This exit was carried out through a share buyback by CFL, financed by a capital raise in the Mauritian market, underlining the market's confidence in the growth prospects of the Group.

CFL’s operations encompass two significant investments: BNI in Madagascar and Bank One in Mauritius, along with a trust and fund administration management company, MITCO. BNI has successfully transformed from a corporate banking model into a universal bank, offering a diverse range of banking services to individuals across Madagascar. Over the past eight years, its branch network expanded from 28 to 107 locations, making BNI the leading bank in Madagascar. The bank has also embraced innovation by launching the digital mobile wallet “Mvola” and the KRED digital credit offering tailored for SMEs, displaying remarkable growth with a balance sheet that has tripled since being acquired by CFL in 2014.

Industry Overview in Madagascar

The financial services industry in Madagascar is evolving rapidly, largely driven by a combination of regulatory reforms and technological advancements. The sector is characterized by increasing competition among banks and financial institutions, w