AfricInvest and Catalyst Principal Partners – leading private equity firms – are pleased to announce their investment in Prime Bank Limited through AfricInvest Azure, a special purpose vehicle formed by AfricInvest and Catalyst Fund II.
Established in 1992 in Kenya, Prime Bank offers an array of corporate and SME banking services through its branch and digital infrastructure. The bank also has a regional presence through its a liates in Malawi, Botswana, Mozambique, Zambia and Zimbabwe as well as operating in the insurance sector through its subsidiary, Tausi Assurance.
AfricInvest and Catalyst, private equity funds with interests in the region and beyond, are backed by various institutional investors such as DFIs including AfDB, BIO, CDC, DEG, IFC, Finnfund, FMO, IFU Norfund, Proparco and Swedfund amongst others, as well as by North American, European, Asian and local institutional investors, pension funds and family offices.
Bharat Jani, Managing Director of Prime Bank commented,“Prime Bank welcomes this new partnership with AfricInvest and Catalyst, which further strengthens our capital base in order to carry out strategic plans which include institutionalising the governance and shareholding, expanding locally and regionally, optimising services, offering new products, and further digitalising operations while continuing to provide enhanced services to our customers.”
Amar Kantaria, Executive Director added,“The investment is a signi cant milestone in Prime Bank’s journey towards becoming one of the leading banking groups in the region and we are excited about the prospect of working together with our new partners in carrying out the bank’s vision.”
The transaction represents another significant investment in East Africa by AfricInvest. It follows several previous successful investments in the region through predecessor funds. Skander Oueslati, Chief Investment O cer for AfricInvest commented, “We are pleased to be partnering with Prime Bank in its transformative strategy to become a key player in East Africa’s nancial ecosystem. The transaction is re ective of the type of investments AfricInvest pursues, with an emphasis on sustainable growth, regional expansion, innovation, strong management capacity, and clear visibility on stakeholder value creation. We are excited about being part of this journey and will be fully supportive by leveraging our network and expertise in these types of transactions.”
AfricInvest Azure SPV will hold a significant minority stake in Prime Bank Limited. The transaction follows Prime Bank’s recent fully- subscribed private placement, the acquisition of a majority stake in Tausi Assurance and the opening of several new branches throughout Kenya.
Prime Bank was advised by Walker Kontos and Theodore Partners in its capital raise with AfricInvest Azure SPV. AfricInvest Azure SPV was advised by Bowmans.
