CIEL entered the financial sector in the early 90s by investing in asset management.

CIEL Finance Limited is a subsidiary of CIEL and the specialised Banking & Financial Services cluster of the group, today actively involved in 4 sub-sectors of the financial industry:

  •  Banking (Bank One / BNI Madagascar),
  •  Fiduciary Services and Companies / Funds administration (MITCO),
  •  Asset Management (IPRO), and
  •  Private Equity (Kibo Capital Partners, the Kibo Funds I & II).

With more than 1100 employees, CIEL Finance operates in Mauritius, Madagascar, Seychelles, Kenya, South Africa and Botswana.  

In August 2015, Amethis Finance, an investment vehicle dedicated to Africa, with a total investment capacity of USD 530 million, has taken a 24.9 % participation in CIEL Finance Limited.

This partnership aims at creating synergies between the two groups and optimising their development in the banking & financial services sphere in Sub-Saharan Africa and the Indian Ocean.


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Finance Bank One

  • Bank One

    CIEL, in partnership with the Kenyan banking institution I&M Bank, acquired Bank One in February 2008. Bank One provides a wide range of banking and financial products and services and caters for both domestic and international markets. It offers financial solutions at private, retail and corporate levels and currently operates 15 branches throughout Mauritius.


Finance BNI Madagascar

  • BNI Madagascar

    BNI is one of the largest commercial banks in Madagascar and is a major player in the corporate banking segment. With over 700 employees, BNI runs 34 modern branches, including 15 in Antananarivo and its surroundings, and a network of more than 50 ATMs.

    BNI is the result of the merger of two local banks, Crédit Foncier (founded in 1920) and the Agricultural Credit Bank (founded in 1930). BNI Madagascar operated as a subsidiary of Crédit Lyonnais from January 1991 to 2002.  That year, Crédit Agricole SA acquired a 51% stake in BNI following the acquisition of Crédit Lyonnais by the Crédit Agricole Group in France.

Finance IPRO

  • IPRO

    CIEL holds 55 % shares in IPRO Investment Professionals Ltd, an Integrated Financial Services Group, focusing on listed investments in Sub-Saharan Africa, India and Mauritius. The company was incorporated in Mauritius, in 1992 and is present in Botswana since 2007. The company has partnered with Religare, a leading Indian financial services group positioned in emerging markets and offers a wide range of services including brokerage, insurance, asset management, financial advisory services, and property management. 

    IPRO cumulates significant regional investment experience and provides its clients with investment solutions in:

    • Africa fund management & advisory services
    • India & Mauritius fund management
    • Portfolio Management to private clients
    • Fund administration services
    • Stockbroking

Finance MITCO


    Mauritius International Trust Company Limited (MITCO), a subsidiary of CIEL, is a one-stop-shop for international tax, global estate planning, trust, fiduciary, fund administration, accounting and administration services. The group which is registered with the Financial Services Commissions (FSC) has a network of associates in London, Channel Islands, Isle of Man, Geneva, Luxembourg, Cyprus, Mumbai, Singapore, Hong Kong, Shanghai, Kenya and Johannesburg.


    MITCO Group comprises of three professional firms namely Mauritius International Trust Company Limited (MITCO), MITCO Corporate Services Ltd (MCS) and MITCO Limited (MCL) in the Seychelles.

Finance Kibo Capital Partners

  • Kibo Capital Partners

    Kibo Capital Partners is a private equity management company, domiciled in Mauritius and licensed by the FSC as CIS Manager. Kibo Capital Partners is a venture between CIEL Finance, the financial services arm of CIEL Limited and the firm’s management team. Kibo Capital Partners has currently two funds under management, The Kibo Fund LLC and The Kibo Fund II LLC, with assets totaling USD100 million. These funds target growth companies in Eastern and Southern Africa and the islands of the Indian Ocean.


    The Kibo Fund LLC

    Fund Size : € 29 million

    Launch Date : 2008

    Stage : Fully invested

    The cornerstone investors in the Fund are the CIEL, FMO and DEG. The other investors are the Swan Group and regional investors. The fund is fully invested and has made two exits.


    The Kibo Fund II LLC

    Fund Size: $ 50 million  

    Launch Date: 2014  

    Stage : Investment stage

    The cornerstone investors are the IFC, the AFDB and DEG. The other investors are CIEL Limited and the Swan Group, both investors in The Kibo Fund LLC, and a number of other investors including European pension funds and family offices. The Fund is currently raising capital as part of a second and final close planned for December 2015.

Finance ProContact

  • ProContact

    ProContact Ltd (PCL), incorporated in 2001, merged with ProContact Execom, a subsidiary of CIEL in 2011.  ProContact aims to become one of the leading outsourcing companies in the Indian Ocean. The company is structured into several clusters: PCL Marketing, PCL Services, PCL Help Desk, PCL Etudes, PCL Back Office and PCL Finance.