Published: May 9, 2013
Emerging Capital Partners-backed banking group raises US$18mn from parties including French and Belgian DFIs.
Oragroup, a private-equity-backed banking group with businesses across West and Central Africa, has raised US$18mn in new capital from existing shareholders.
The Togo-based owner of Orabank, bought by Africa-focused investment firm Emerging Capital Partners in 2009, raised the money from investors including BIO and PROPARCO, development finance institutions from Belgium and France, respectively.
The fund raising is part of Oragroup's plans to secure US$50mn to back acquisitions. Speaking to EMEA Finance in 2011, when the bank welcomed BIO and PROPARCO as shareholders, CEO Patrick Mestrallet said the group had plans to move into Cameroon, Côte d’Ivoire and Senegal.
Last year the bank became a majority shareholder in Togo's Banque Togolaise de Développement (BTD), giving it a 20% share of the local market. Speaking shortly after the latest fund raising closed, William Nkontchou, director of Emerging Capital Partners' Paris office, confirmed to EMEA Finance that the bank is finalising the acquisition of Banque Regional de Solidarite, which will give it a presence in Côte d’Ivoire and Senegal.