DGAP-News: ADC accelerates execution of its strategy to build a leading pan-African Banking Group within the next 3-5 years ++ Investment focus shifting from minorities to majorities ++ Management strengthened
(firmenpresse) - DGAP-News: ADC African Development Corporation GmbH&Co. KGaA / Key
word(s): Miscellaneous
ADC accelerates execution of its strategy to build a leading
pan-African Banking Group within the next 3-5 years ++ Investment
focus shifting from minorities to majorities ++ Management
strengthened
28.03.2012 / 11:50
---------------------------------------------------------------------
__ADC accelerates execution of its strategy to build a leading pan-African
Banking Group within the next 3-5 years
__Investment focus shifting from minorities to majorities
__Management strengthened: Jyrki Koskelo, former IFC Vice President Global
and George Manyere, CEO of Brainworks Capital Management and ex-IFC joins
ADC operating ma-nagement team, and Pierre Lorinet, CFO of Trafigura joins
ADC Supervisory Board to facilitate the expansive growth strategy
ADC African Development Corporation (ADC) has decided to accelerate its
successful growth and aims to build the leading pan-African Banking Group
within the next 3-5 years. ADC intends both to increase its shareholdings
in the existing portfolio companies and to acquire new stakes in leading
national and regional African banks. ADC will not rebrand the investee
banks into its ADC brand name, but intends to go on investing into the
respective leading local or regional banks and keep the respective bank's
identity, management and independency. As a strategic shift, ADC intends to
acquire majorities where possible and is therefore also in talks with the
existing portfolio banks to increase the current stakes. ADC's market
capitalization is targeted to grow to US$1 billion within the next 3 to 5
years as we imp-lement our enhanced strategy.
To achieve this aggressive growth strategy, ADC is expanding its top
management team.
Jyrki Koskelo, former IFC Vice President Global, joins ADC as of April 1st
2012 as Co-CEO. Together with CEO and Co-Founder Dirk Harbecke, he will be
responsible for shaping and implementing ADC's new strategy.
'We are glad that Jyrki has decided to join ADC. His investment and
emerging market experience, his global network and his contacts in the
African banking community and especially in the world of Development
Finance Institutions (DFIs) and Sovereign Wealth Funds will be crucial for
ADC to achieve the goal of building a leading banking group in sub-Saharan
Africa in the coming years. Jyrki is a huge asset for ADC, and our team and
myself are very much looking forward to work with him', comments Dirk
Harbecke.
Jyrki Koskelo, a Finnish national, served until July 2011 as Vice President
Global at the International Finance Corporation (IFC), the private sector
arm of the World Bank Group. He joined IFC in 1987 as an Investment Officer
in the African Investment Department and, in 1999 was appointed Director of
Special Operations managing the restructuring and recovery operations of
IFC during the Asian, Argentinean and Russian crisis. He played a critical
role in the expansion of IFC's operations in financial markets, and acted
in several regional vice positions covering Africa, Europe and Latin
America before assuming his Global Industry role. Prior to joining IFC, he
spent more than 10 years in senior management positions in the privatesector. Mr. Koskelo holds a Master of Science degree in International
Management/Finance from Sloan School of Management/MIT and a Master of
Science degree in Civil Engineering from the Technical University of
Helsinki, Finland.
'Africa offers a unique investment opportunity, and ADC is ideally
positioned to develop into one of the leading Pan-African banking groups. I
am very pleased to become part of the team, that has done an amazing
entrepreneurial job starting from scratch and building up one of the
strategically best positioned financial services platforms in SSA. I also
look forward to working with several friends, and African entrepreneurs and
bankers who have shown me at IFC that Africa offers opportunities far
beyond its reputation. ADC is here to facilitate new opportunities for
Africa' comments Jyrki Koskelo.
Together with Jyrki, top management is being further strengthened and a new
supervisory board member is also joining the ADC team.
George Manyere, IFC's first professional African based senior financial
market Investment officer and today CEO of ADC portfolio company Brainworks
Capital Management, will become Head of ADC's newly created M&A department
to push ADC's acquisition speed. In this function, he will also support
ADC's recently created Advisory Business arm, that offers merchant banking
and advisory services to African corporates that want to expand
internationally, and to international corporates that want to have high
level access to Africa. For 2012 ADC already expects an additional income
of EUR 3-5 mio. out of this newly created business. On a 3-5 year horizon,
this business shall contribute to at least EUR 10 mio. income per year.
George, a Zimbabwean investment banker, has significant experience in
executing deals in sub-Saharan Africa. Prior to founding Brainworks Capital
Management in 2008, George was an investment professional with the IFC,
investing in excess of USD 600m in sub Saharan Africa. He also managed a
portfolio of investments in excess of USD 400m and represented the IFC on
several investee company boards.
George Manyere comments: 'ADC's strategy is unique. As we own stakes in
leading local banks, our investment structures will ensure that there is a
strong alignment of interests with key local partners and management,
thereby ensuring that we are considered a local bank with committed and
aligned partners. We will further push this strategy and expand in
additional countries in Africa in the coming years. In addition, this
strategy opens up numerous interesting investment and business
opportunities in sectors like natural resources, construction, energy etc.
that we would like to share with our shareholders and Advisory Business
clients. Actually, we follow the classical Merchant Banking model in order
to create wealth for local communities, ADC shareholders and our advisory
clients.'
The new ADC strategy will also require the strengthening of the Board.
This week, Pierre Lorinet, of Trafigura, will join ADC's Supervisory Board
following Ron Braverman's resignation and subsequent appointment to ADC's
Advisory Board. Pierre Lorinet is the CFO and the Director of Trafigura,
ADC's strategic shareholder and partner since 2011. Trafigura is one of the
world's leading international commodity traders, specializing in the supply
and transport of crude oil, petroleum products, coal, refined metals,
ferrous and non-ferrous ores and concentrates. Trafigura shares with ADC
and ADC's parent company Angermayer, Brumm&Lange Group (ABL), the very
positive view on the African continent. Pierre joined Trafigura in 2002
following a career in banking with Merrill Lynch in London and Banque
Indosuez in Bahrain. He is also a Supervisory Board member of GDE, France's
second largest scrap recycling company, and an Executive Committee member
of the GTSA (Geneva Trade and Shipping Association). He graduated from
Ecole de Commerce Supérieure de Paris and holds a MSc in Finance, with
distinction, from Britain's Lancaster University.
With the expanded team, ADC plans to enter at least three more significant
new or add-on investments in banking in 2012 that will change ADC's balance
sheet significantly. Furthermore, ADC has started to broaden its view
beyond Africa: Based on the experience and network of the new and the
existing team members as well as the network of ADC's parent company ABL,
ADC has expanded from its European origins and started talks with Latin
American, Middle East and south-east Asian partners, who wish to enter the
African markets via ADC. With this move, ADC aims to play a key role in the
increasing trade and investment activities between emerging markets in the
southern hemisphere, the so called South-South-Trade and Investments.
'The balance of trade between countries in the southern hemisphere is
massive and completely overlooked by investors in the northern industrial
nations. As Africa is in the center of these trade activities, our
strategic position on the continent allows us to facilitate and support
these relationships in the near future', explains Dirk Harbecke.
Furthermore, ADC is also exploring several business opportunities with
ADC's strategic partner Trafigura to profit more from the natural resources
boom of the continent.
Christian Angermayer, CEO of ADC's parent company Angermayer, Brumm&Lange
Group and Chairman of ADC, concludes: 'We welcome Jyrki and the other new
members of the expanded management team and looking forward to work with
them in order to create value for our shareholders. With this team and the
current strategic set-up, ADC has the unique opportunity to become the
leading banking group in sub-Saharan Africa in terms of size and
profitability and to build bridges not only between Germany and Africa ,
but also between the whole of Europe and Africa and especially between the
key countries in the southern hemisphere. We would also like to thank Mr.
Ron Braverman for serving on ADC's Supervisory Board. Ron has influenced
ADC's strategy extensively and has always been a valuable banking expert
and risk advisor contributing to ADC's business. We are very pleased that
Mr. Braverman accepted our invitation to join the Advisory Board of ADC and
the Advisory Board for ABL Group of Companies.'
About ADC
ADC African Development Corporation, ISIN DE000A1E8NW9 (ticker symbol:
AZC.GR), a member of the Angermayer, Brumm&Lange Group
(www.abl-group.de), was established in September 2007 and quickly
positioned itself as one of the leading investors for banks and insurance
companies in the above-average growth markets of Sub-Saharan Africa. The
company's success is primarily due to its local management team, which
follows international best practice principles to further develop banks and
implements conventional international processes to increase their
profitability. As the second international emerging market investor in the
world, ADC was integrated into the insurance solution offered by the
Multila-teral Investment Guarantee Agency ('MIGA'), a member of the World
Bank Group, primarily due to its strong operational approach and adherence
to the highest ethical standards. This insurance offers protection against
a variety of political risks, in particular the risk of radical political
change.
Contact:
Investor Relations
investor-relations(at)african-development.com
T +49 69 719 12 80 119
End of Corporate News
---------------------------------------------------------------------
28.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: ADC African Development Corporation GmbH&Co. KGaA
Grüneburgweg 18
60322 Frankfurt/Main
Germany
Phone: +49 69 719 12 80 00
Fax: +49 69 719 12 80 011
E-mail: info(at)african-development.com
Internet: www.african-development.com
ISIN: DE000A1E8NW9
WKN: A1E8NW
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf
End of News DGAP News-Service
---------------------------------------------------------------------
162686 28.03.2012
Themen in dieser Pressemitteilung:
adc-accelerates-execution-of-its-strategy-to-build-a-leading-pan
african-banking-group-within-the-next-3
5-years-investment-focus-shifting-from-minorities-to-majorities-management-strengthened
Unternehmensinformation / Kurzprofil:
Datum: 28.03.2012 - 11:50 Uhr
Sprache: Deutsch
News-ID 129232
Anzahl Zeichen: 9737
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 369 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: ADC accelerates execution of its strategy to build a leading pan-African Banking Group within the next 3-5 years ++ Investment focus shifting from minorities to majorities ++ Management strengthened"
steht unter der journalistisch-redaktionellen Verantwortung von
ADC African Development Corporation GmbH&Co. KGaA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
