DLA Piper advises FISEA on investment in AB Bank Zambia
Munich — DLA Piper has advised the French investment fund “The Investment and Support Fund for Businesses in Africa” (FISEA) in the case of an investment in the Zambian bank AB Bank Zambia Ltd.(ABZ) with a total volume of 25 million Zambian Kwacha (approx. EUR 1.6 million). Further shareholders of ABZ are AccessHolding Microfinance Ltd, International Finance Corporation (IFC) and the Kreditanstalt für Wiederaufbau (KfW). Upon completion of the transaction, FISEA will hold a total equity interest of 22.5% in ABZ.
FISEA belongs to the Agence Française de Dévelopement (AFD) and is managed by its subsidiary Proparco. This specializes in private sector development and invests in companies, banks, microfinance institutions and investment funds operating in sub-Saharan Africa. With an investment target of EUR 250 million, FISEA is one of the key components of the French initiative to promote growth and employment in Africa.
ABZ is the only bank that finances SMEs and micro-entrepreneurs in Zambia. At the end of 2017, total assets amounted to EUR 24 million. ABZ operates through a network of seven branches, employs 419 people and has 14,754 borrowers.
The DLA Piper team led by partner Simon Vogel also included senior associate Michael Rebholz (both Corporate/Private Equity, Munich).