ABAX consolidates its growth strategy by integrating the Ocorian Group
Ebène, February 6, 2018 – ABAX has been acquired by Ocorian, a global provider of specialist financial services. An agreement has been signed between Ocorian and the shareholders of ABAX, including the IBL group, for the full shareholding of the company based in Mauritius and with offices in Abidjan, Dubai, Johannesburg, London and Singapore.
Ocorian to date manages assets worth more than USD 150 billion. Through this deal, ABAX will be able to tap into a wider range of specialist corporate and financial services across jurisdictions in Europe, North America, Africa, Middle East and Asia, namely in UK, Luxembourg, Netherlands, Singapore, USA, Ireland, Cayman Islands, Channel Islands (Jersey and Guernsey), South Africa, Côte D’Ivoire and Dubai.
“Our priority with this transaction was to find a partner that would help us achieve our business ambitions,” comments Richard Arlove, CEO of ABAX Corporate Services. “Our goal is to become one of the leading providers of integrated advisory, corporate and business services in Africa, while strengthening our offering in Asia. The acquisition of ABAX by the Ocorian group will generate added value for our clients through operations in new jurisdictions.”
Commenting on the acquisition Nick Cawley, CEO of Ocorian, said: “This transaction reflects the sustained expansion and diversification of Ocorian’s newly defined business and our commitment to growth in leading jurisdictions. It will further strengthen our position as a leading global financial services provider and give enhanced range and scope across both Africa and Asia.”
The deal will be effective in a matter of weeks subject to subject to the satisfaction of certain conditions as well as regulatory approvals by the Financial Services Commission (FSC). Financial terms of the transaction have not been disclosed.