The Advans Group Announces the Closing of the Sale of its Stake in Amret to Bank SinoPac

The international microfinance group Advans is pleased to announce that the sale of its 56% ownership stake in Amret -its Cambodian subsidiary- has been completed. The acquirer, Bank SinoPac, is a renowned sustainable and responsible Taiwanese banking group.

The transaction was officially registered earlier today in Phnom Penh, Cambodia, and marks a significant milestone in Advans’ history.

Advans has been a shareholder in Amret since 2005 and, as majority shareholder, has played a pivotal role in its growth and transformation, providing technical assistance on critical topics and strategic guidance. At the start of Advans’ partnership, Amret operated with a workforce of 300, a loan portfolio of $11 million, and primarily focused on group lending without offering any deposit services. Nearly two decades later, Amret has become a responsible market leader serving more than 630,000 clients across Cambodia with a diverse range of innovative financial services and a total balance sheet nearing $2 billion.

"This sale is a landmark decision for Advans and Amret," says Steven Duchatelle, CEO, Advans Group. "As Amret has grown in size and transformed its business model, we recognized the need for a new strategic shareholder to support its next phase of development. We are convinced that Bank SinoPac -a recognized leader in the Taiwanese banking sector- is well-positioned to build on Amret’s strong foundations. With its robust commitment to responsible finance and social impact, it is also well equipped to sustain Amret’s mission of financial inclusion."

We are proud of the collaboration we have built with the Amret teams over the years. I would like to commend their professionalism and determination. We have learned so much from them and with them. It has been a true pleasure to build and grow Amret together," concludes Mr Duchatelle.

Bank SinoPac has been a lender to Amret since 2017 and knows the institution particularly well. Their alignment with Amret’s mission, as well as their appreciation for the institution’s strategy, responsible lending and strong team culture, underscores the shared commitment to a smooth transition. The gradual exit of Amret's other shareholders, IFC and FMO, over the next two years will further support this process.

“This transaction also marks a pivotal step in Advans' strategy to refocus and accelerate its expansion in Africa”, says Eelko Bronkhorst, Chairman of the Advans Board of Directors. “Over the next few years, Advans plans to further broaden its footprint on the African continent, where it already operates in Tunisia, Côte d’Ivoire, Cameroon, Ghana, Nigeria and DR Congo”.

With 3,300 committed staff, a loan portfolio of €360 million and total deposits nearing €220 million, Advans has built a solid foundation in Africa, which will help drive its continued growth and delivery of impact on the continent”.

For any inquiries, please contact:
Sophie Jambon
Advans Group Marketing & Communications
sjambon@advansgroup.com
+33 (0)1 53 32 75 75