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HomeAfricaMauritius: Mauritian-Malagasy consortium acquires BNI Madagascar Bank

Mauritius: Mauritian-Malagasy consortium acquires BNI Madagascar Bank

A consortium, in which the Mauritian group “CIEL Ltd.” is a majority shareholder with 60%, in partnership with Malagasy group “First Immo”, has acquired the BNI Madagascar Bank, PANA learnt Monday from official sources here.

In a communiqué published Monday, CIEL Ltd’s Executive Director, Jean-Pierre Dalais, said the investment follows the development strategy plan of the group.

“We want to strengthen our presence in the financial sector in Madagascar by investing in an already established bank,” he said.

According to the communiqué, the development of BNI Madagascar will be supported by its capacity to innovate with new and attractive products and financial services focusing on the professional and social communities.

“We should stay focused on e-banking by developing new tools and services that facilitate accessibility, simplicity, reliability and security,” Dalais declared.  

PANA reports that BNI Madagascar has a network of 32 agencies among which 14 are in Antananarivo and 51 Automatic Teller Machines (ATM). It employs 700 people.    

The other partner, First Immo, belongs to a Malagasy businessman, Hassanein Hiridjee, whose family had lived in Madagascar since five generations.

It operates in the sectors of infrastructure, mobile telephony, energy and distribution of petroleum products, among others.  

The CIEL Ltd has been  present in Madagascar since more than 20 years. It is engaged in five distinct sectors — textile, agro-industry, property, hotel, finance and health. The group employs 7,000 people.

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