AFRICINVEST III-SPV1.
Status: Approved investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer?
Britam is a leading financial services company listed on the Nairobi Stock Exchange, and has subsidiaries in Kenya, Uganda, Tanzania, Rwanda, Mozambique, Malawi and South Sudan. The group is involved in various businesses including life insurance, property & casualty insurance (general insurance), health (medical) insurance, asset management, property development. It also has substantial direct investments in the banking sector.
What is our funding objective?
The new infusion of capital is expected to support Britam’s strategy which includes increased digitalization, development of new products and further consolidation of its presence in the region.
Why do we fund this investment?
We have invested in the insurance sector in Africa (together with AfricInvest, our long-term trusted partner) in the past, with great success. Britam’s regional operations, experienced management team, the entrepreneurial spirit of the key shareholders, and the company’s belief in good governance were all elements that attracted us to Britam. These are the ingredients that we typically look for as Investors. We are very excited about our partnership with Britam and are confident that it will grow into a regional champion and deliver strong returns to the shareholders of the company.
What is the Environmental and Social categorization rationale?
Project is rated FI-B. IFC invested in Britam in1H2017 and required the implementation of an ESMS. Britam has already appointed an E&S officer and has engaged E&S consulting firm EBS (www.ebsadvisory.com) to assist them with the development of the ESMS.
- Region
- Africa
- Country
- Kenya
- Sector
- Financial Institutions
- Effective date
- 9/22/2017
- Total FMO financing
- KES 4942.78 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B