Emerging Capital Partners (ECP), a pan-African investment fund, announces that it has signed an agreement for the partial sale of its shares held within Oragroup to the Institut de Prévoyance Sociale - Caisse Générale de Retraite des Agents de l State (IPS-CGRAE) of Côte d'Ivoire.

The Institut de Prévoyance Sociale - Caisse Générale de Retraite des Agents de l'Etat (IPS-CGRAE) of Côte d'Ivoire "would become, after approval by the WAEMU Banking Commission and the regulators of the other monetary zones, the shareholder majority of the pan-African banking group with 61.45% of the capital”, indicates a note of which APA received a copy.

With 2,171 billion CFA francs (3.7 billion dollars) in total balance sheet, 510,926 customers, 152 branches, 1,857 employees, 127 billion CFA francs in net banking income, 130 billion CFA francs in equity and 30 billion CFA francs in net income as of December 31, 2018, Oragroup, present in 12 countries, is a benchmark independent banking group in the sub-region.

The agreement also includes several institutional shareholders of Oragroup (Proparco, DEG, BIO and BOAD) with a partial sale of their shares. On the strength of the growth prospects and the development plan of the banking group, ECP nevertheless remains a shareholder of Oragroup and alongside the IPS-CGRAE, one of the significant shareholders with nearly 20% of the capital in a dynamic of continuity over time. .

In addition, BOAD retains 40% of the capital of Orabank Côte d'Ivoire and its branches: Orabank Burkina, Orabank Guinea Bissau, Orabank Mali, Orabank Niger and Orabank Senegal.

This transaction follows the listing of Oragroup on the Bourse Régionale des Valeurs Mobilières (BRVM) in April 2019, for 20% of its capital, i.e. the largest transaction since the creation of the BRVM in 1998 and a raising on the regional financial market of 56.92 billion FCFA (86 million euros). The IPS-CGRAE had subscribed to this public sale offer for 9% of the floating capital of Oragroup.

A value-creating strategy

“ECP is very proud of the progress made since the entry into the capital and the support of Oragroup in 2008. Together, we have formed a benchmark banking group with a pan-African vocation. ECP's strategy is to create value in each of its investments by bringing all of the company's activities up to international standards in order to bring out regional champions supported over the long term", declares Vincent Le Guennou, Co-CEO of Emerging Capital Partners.

“The initial public offering and then this transaction validate this strategy. ECP is convinced that with the IPS-Caisse Générale de Retraite des Agents de l'Etat (CGRAE), Oragroup will continue its strong growth trajectory”, continues Mr. Vincent Le Guennou.

Financed by exceptional income, the acquisition of Oragroup is a historic event for IPS-CGRAE, which is becoming a key player in the development and financing of economies in the region and on the African continent.

"Investing today to better finance tomorrow's pensions is very clearly our roadmap", says Abdrahamane Tiémoko Berté, Director General of IPS-CGRAE who wishes to optimize the financial capacities of his institution as an investor to intensify the march towards sustainable economic growth for the benefit of populations, retirees and State employees.

“With the Oragroup teams in whom we have complete confidence, we will continue in this direction. Also, as part of a vast pan-African institutional project that the IPS-CGRAE will promote, the social security funds of the sub-region will be invited to participate in the operation and make their high contribution to the development of the group in each of the countries of presence”, explains Mr. Abdrahamane Tiémoko Berté.

Synergy with IPS-CGRAE and its 83,000 members should sustainably strengthen the banking group's performance and improve product offerings for the well-being of retirees and civil servants in Côte d'Ivoire and in the sub-region. -region.

The pan-African investment fund works closely with its portfolio companies to implement best practices, strengthen their leadership and bring out regional or pan-African champions.