Swiss Re has spent 100 million euros or approximately $112 million to acquire an undisclosed, minority stake in Manzi Finances, a financial services holding company based in Cote d’Ivoire which owns NSIA Participations. In March 2015, private equity group Amethis Finance and National Bank of Canada acquired a 26% stake in NSIA from Emerging Capital Partners.
The Abidjan-based company will use the capital to consolidate its financial base and support its expansion strategy. NSIA is the leading financial services companies in Francophone Africa, and also owner of NSIA Bank Cote d’Ivoire, the country’s third largest, and NSIA Bank Guinee, which was launched in 2010. The group sells a wide range of financial services products through an extensive network of life and non-life insurance companies, insurance offices, banks and banking retail offices in twelve Central and West African countries.
Lawyers from Clifford Chance’s Casablanca, London and Paris offices provided Swiss Re with legal advice on the transaction, led by Partners Mustapha Mourahib, Frank Coudert and Katherine Coates.