The President and CEO of Vivier Group, Luigi Wewege, today announced the signing of a definitive agreement to acquire Ottoman Bank, an offshore bank based in Banjul, Gambia.
AUCKLAND, NEW ZEALAND--(April 19, 2016) - Vivier Group today announced the acquisition of Ottoman Bank. The boards of Vivier and Kyrenia Capital Corporation (Ottoman Bank's former holding company) unanimously approved the transaction, which has also obtained regulatory approval.
"This acquisition is consistent with Vivier's growth strategy for international markets displaying long-term growth potential. We are excited to be adding the Ottoman Bank to the Vivier family and, with our first acquisition of a financial institution on the continent, allowing us to expand into Africa. This will open up several new vibrant markets to us in West Africa as well as increase Vivier's opportunities to serve the region," said Luigi Wewege, Vivier Group's President and CEO.
"From our origins in New Zealand, with a primary focus on Western European markets, we're starting to evolve from that," said Luigi. "As part of the plan to expand further in these regions, the Group is additionally now considering acquisitions in the Czech Republic and Estonia, as well as in the Caribbean and Africa. Vivier now has a presence on virtually every continent."
Michael O'Mara, Managing Director of Kyrenia Capital Corporation, said: "The KCC Board felt the time was right to divest a non-core asset outside Europe. We are very pleased to have come to this agreement with Vivier and wish the management team every success in the future."
Mediterranean Corporate Services served as advisors to KCC on the bank's acquisition. Oscar Mendoza Natividad of Mongolia Asset Management served as financial advisor to Vivier and Thomas G. Daly of Palmetto Global Ventures was Vivier's legal advisor.
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Vivier Bank Limited ('VBL') has been legally constituted and established under the Laws and Regulations of the Republic of The Gambia under registration number: 88889130. VBL is legally authorised and permitted to carry out a general offshore banking business worldwide.
Vivier Group is the global umbrella organisation of Vivier & Co, Vivier Capital, Vivier Developments, Vivier Investments, Vivier Ventures, recently acquired Vivier Bank and launching shortly Vivier Growth Fund.