Friday, February 3, 2012

Expansion on the African Continent: AfrAsia Bank Limited increases Tier 1 capital by Rs476m and acquires a stake of 35% in Kingdom Financial Holdings

In line with our expansion strategy, AfrAsia Bank has announced an investment of USD 9.5m for a 35% stake in Kingdom Financial Holdings Limited (“KFHL”), an investment holding company domiciled in Zimbabwe with interests in the banking, stockbroking and asset management sectors in Zimbabwe and Malawi.

KFHL is a profitable financial services group in the high growth southern African market. The transaction is highly accretive for AfrAsia Bank, but also provides us with a unique opportunity to expand our franchise in the SADC region through an established local operation and with highly credible local partners .

To read more, click here

From Left to Right: James Benoit (CEO of AfrAsia Bank), Lynn Mukonoweshuro (Group CEO of Kingdom Financial Holdings Limited), Arnaud Lagesse (Chairman of AfrAsia Bank), Sibusisiwe Precious Bango (Chairman of Kingdom Financial Holdings Limited) and Nigel Chanakira (Founder and anchor shareholder of Kingdom Financial Holdings Limited)

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