Pan-African investment fund Emerging Capital Partners (ECP) announces the signing of a view of the partial sale of the shares held within Oragroup to the Institut de Prévoyance Sociale - Caisse
Générale de Retraite des Agents de l'État (IPS-CGRAE) of Côte d'Ivoire, which would become, after approval
of the WAEMU Banking Commission and the regulators of the other currency zones, the shareholder
majority of the pan-African banking group with 61.45% of the capital.
With 2171 billion CFA francs ($3.7 billion) in balance sheet total, 510,926 clients, 152 branches,
1857 employees, 127 billion CFA francs in net banking income, 130 billion CFA francs in
equity and 30 billion CFA francs in net income at 31 December 2018, Oragroup, present in 12
country, is the leading 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 securities. Building on the growth prospects and development plan of the
AS A banking group, ECP will remain a shareholder of Oragroup and, alongside IPS-CGRAE, one of the shareholders
significant with nearly 20% of the capital in a dynamic of continuity over time. Also, 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, with 20% of its capital, the largest operation since the creation of br BRVM in 1998, and a raise on the regional financial market of 56.92 billion CFA francs (86 million cfa francs of euros). IPS-CGRAE had subscribed to this public offer for 9% of the floating capital of Oragroup.
"ECP is very proud of the progress made since oragroup acquired a stake and supported it in 2008.
Together, we have formed a leading banking group with a pan-African vocation. The strategy
ECP is to create value in each of its investments by carrying out all the activities of
the company with international standards to bring out regional champions accompanied on the
duration. The IPO and then this transaction validate this strategy. ECP is convinced that with the
Oragroup will continue its strong
growth", explains Vincent LE GUENNOU, Co-CEO of Emerging Capital Partners.
"Financed by exceptional revenues, the acquisition of Oragroup is a historic date for the
Caisse Générale de Retraite des Agents de l'État which thus becomes a key player in the development and
financing of our regional economies. Investing today to better finance tomorrow's pensions,
is very clearly our roadmap. As a social security institution, the IPS-CGRAE wishes to optimise
its financial capabilities as an investor to intensify the march towards sustainable growth of ourbr savings for the benefit of the population, pensioners and public servants. With the Oragroup
teams in whom we have full 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 subregion will be invited to participate in the operation and make their high contribution to development
of the group in each of the countries of presence", explains Abdourahmane Tiémoko BERTE, Director
General of the Social Welfare Institute - General Pension Fund for State Employees. Synergy
with IPS-CGRAE and its 83,000 members will sustainably strengthen the performance of the banking group and
improve product offerings for the well in the sub-region.
Since 2008, with the support of ECP, Oragroup has developed its geographical footprint and its
activities through organic and external growth, with the acquisition in 2012 of the assets of the Togolese Development Bank and in 2013 that of the Regional Bank of Solidarity with BOAD. Le
Net Banking income and the Group's assets were thus multiplied by 12 between 2008 and 2018, a result
significant in the sector. Oragroup's trademark, "Orabank", was launched in
2011 and has since established itself as a reference brand.
In 10 years, Oragroup's growth trajectory has been remarkable and recognized throughout these years
with a ranking in the Top 5 in several of its countries of presence (No. 1 in Togo) and many
awards: the African Banker Awards in 2015 and 2017 for the "Best Regional Bank in Africa
l'Ouest", the "best bank" of Burkina Faso in 2017 and 2018, togo and Senegal in 2018 by the group
Financial Times. Finally, the long-term A and A2 short-term investment ratings obtained from the agency
Bloomfield in May 2018 and August 2019 confirm the strength and performance of the Group.
About Emerging Capital Partners (ECP)
With more than 19 years of experience in the field of private equity in Africa, ECP has achieved
more than 60 transactions and nearly 50 exits. ECP raised more than US$3.2 billion in development capital through its funds and co-investments. ECP identifies companies that benefit from the structural demographic and economic changes driving Africa
in the long term. ECP works closely with its portfolio companies to implement
works best practices, strengthening their leadership and bringing out regional champions or
Pan-African. ECP has a field team with four offices covering the main savings
African. Learn more about ECP: www.ecpinvestments.com
About the Caisse Générale de Retraite des Agents de l'État (CGRAE)
Created in 1962, the Caisse Générale de Retraite des Agents de l'État (CGRAE) became in 2012 with the
REFORME IPS-CGRAE is a Social Security Institution (IPS) whose purpose is to manage for the benefit of
beneficiaries of compulsory pension schemes, supplementary or special schemes, compulsory schemes or
pension volunteers, the collection of contributions and the management of funds collected under the
different regimes. The governance of the CGRAE is based on an administrative body, the Council
administration, and a management body, the General Directorate.
To find out more about the Institut de Prévoyance Social Caisse Générale de Retraite des Agents de l'Etat
(CGRAE): http://www.cgrae.ci/Fr/