28 October 2024
Baobab Group has successfully completed the sale of its Chinese subsidiary, MicroCred China, to a Hong Kong-based investor as part of its strategic focus on advancing financial inclusion for the underbanked in Sub-Saharan Africa.
The transaction was finalized on 28 September 2024, marking the conclusion of a multi-year effort to streamline Baobab Group’s operations and align its portfolio with its core mission. The Group prioritized selecting a buyer committed to preserving the values and principles that have driven MicroCred China’s success since its founding in 2007 as China’s first microcredit institution. The new owner, a Chinese specialist investment fund management firm, shares Baobab Group’s dedication to social impact and sustainable development.
To ensure a smooth transition, Baobab Group will provide governance and operational support during the transition period. CEO Philip Sigwart will continue serving on MicroCred China’s Board of Directors, alongside the General Secretary. MicroCred China’s senior management team will also remain in place to ensure stability and continuity throughout and beyond the transition.
Baobab Group extends its gratitude to CIGP’s Investment Banking team, led by Hugues de Saint Seine, Managing Partner, acting as Financial Advisor and Escrow Agent to the parties. The Group also thanks Ike Kutlaca, Partner at King & Wood Mallesons Hong Kong, and his Corporate & Securities practice team for their legal counsel, as well as David Boitout, Partner at Gide Loyrette Nouel A.A.R.P.I., for his legal support.
Commenting on the transaction, Philip Sigwart, CEO of Baobab Group, stated: “We are pleased to have found a buyer committed to upholding the values that have driven MicroCred China’s success for nearly two decades. This sale marks a promising new chapter for one of China’s leading microfinance institutions. The proceeds will enable Baobab Group to strengthen its presence in Sub-Saharan Africa, capitalize on synergies, and further solidify our position as the region’s leading microfinance provider.”
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