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AfricaMoney | August 21, 2017

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Mauritius financial services major AfrAsia Bank opens office in London

Mauritius financial services major AfrAsia Bank opens office in London

After six years of growth, the Bank is reinforcing its focus to tap into the growing trade, investment and capital flows at the global level. (Image: AfrAsia)

After Johannesburg and Cape Town, AfrAsia Bank has opened its third representative office in London, enabling the Bank to have a physical presence in what remains the world’s leading financial centre.

This step confirms AfrAsia Bank’s established strategy and aspiration to be the leading bank in the region, in line with promoting Mauritius as a regional and financial business centre of excellence.

After six years of growth, the Bank is reinforcing its focus to tap into the growing trade, investment and capital flows at the global level.

Garry Sharp has been appointed as Head of Private Equity and London Representative Office.

“We need this London presence because the city is a huge centre for handling and directing capital flows into Africa; we are already part of the networks that enable this but want to reinforce that presence. In addition to that, we are not convinced that the classical Private Equity fund structure is always appropriate for this region, and we are partnering with external investors who want to work alongside us to make direct investments rather than go through the fund structure” said Garry Sharp.

With his 28 years’ experience in private equity as a practitioner, consultant, writer, trainer, and his deep first-hand knowledge of the African Private Equity (PE) arena, Garry’s role will be to take the lead in managing the PE investment appraisal, structuring and execution process.

“With the financial sector remaining the powerhouse of the island’s economy, Mauritius has already developed its reputation as a well regulated, secure and credible International Financial Centre,” said Kamben Padayachy Deputy CEO Head of Global Banking, Treasury and Markets.

“We are now firmly recognised as the gateway to Africa, but much of that capital is coming from London. Having a presence there is key to allow AfrAsia Bank tap into these opportunities,” he added.

Africa is a key market in the region with strong growth prospects. This move illustrates AfrAsia Bank’s objective to become an important regional player the financial sector and position itself strategically to tap into these investment flows into Africa.

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