06 Feb, 2012
The Casablanca office of international law firm Gide Loyrette Nouel advised the International Finance Corporation (“IFC“, World Bank Group) and the IFC African, Latin American and Caribbean Fund, LP (“ALAC“) on their EUR 90 million equity investment (the “Investment“) in Saham Finances, an insurance holding company of the Saham Group, with operations in Morocco (through its majority owned subsidiaries CNIA SAADA and Isaaf), and Sub-Saharan Africa (through its wholly-owned subsidiary Colina).
CNIA SAADA (listed on the Casablanca stock exchange) is the third largest insurance company in Morocco in terms of premiums, offering life and non-life insurance products, and Isaaf Mondial Assistance is one of the largest “assistance” companies (vehicle, medical and travel assistance) in Morocco. Colina, acquired by the Saham Group in 2010, is one of the largest insurance groups in the West and Central African region in terms of premiums, offering life and non-life insurance products in Cote d’Ivoire, Senegal, Cameroon, Togo, Benin, Gabon, Mali, Burkina Faso, Ghana and Madagascar.
The Investment, which was carried out by way of a subscription by IFC and ALAC to approximately 23% of the share capital of Saham Finances (by way of a share capital increase), is intended to support Saham Finances in its expansion strategy for Colina in Sub-Saharan Africa.
IFC and ALAC were advised by Gide Loyrette Nouel Casablanca, with partner, Julien David (pictured), and senior associates, Simon Auquier and Romain Berthon.
The Saham Group was advised by Allen & Overy Casablanca, with partner, Hicham Naciri, senior associate, Sylvain Aoust and associate, Omar Sayarh.