British American Investment

BA Investment has both large minority and majority equity holdings, direct and indirect, in a number of financial service providers, both listed and privately-owned, in Mauritius, Kenya, Dubai, Uganda, Switzerland and Malta. The service providers can be classified into four categories - banking, insurance, credit and asset management.

Banking services
Majority equity holdings include the Bramer Banking Corporation retailing through its eleven branches throughout the island, and the first Mauritian Islamic bank which will start operations in 2009. In addition, the company indirectly holds large minority stakes in the banking sector in Kenya and Uganda.

Through its holding company in Kenya, a large minority stake is also held in Equity Bank, which is listed on the Nairobi Stock Exchange and has a market capitalisation of more than USD1 billion.This fast-growing Kenyan bank is a leader in microfinance and has more that 2 million clients. Equity also owns the Uganda Microfinance Bank Ltd.

BA Exchange, while not a banking institution, provides a money transfer service and engages in currency trading. One of our investments in Mauritius, it has 18 counters around the island which also provide exclusive representation for Western Union.

Credit services
Our investment in financial services companies offering credit services (in addition to credit within banking) is mainly in mortgage lending and consumer credit.

Courts Mauritius is the largest consumer credit provider in Mauritius (we hold a majority shareholding) even though it is better known as a department store chain.

BA Mortgage Finance House, also in Mauritius, is in joint venture with the Housing Finance Corporation of India. Through our shareholding in Equity Bank in Kenya, we hold investment in Kenya Housing Finance Corporation, one of the largest mortgage lenders in that country.

Asset finance is a separate area of financial service and the leader in leasing in Mauritius is publicly-listed Mauritius Leasing Company, in which we hold a majority stake.

Insurance
Our investments in the insurance sector are mostly in British American Insurance in Kenya, Malta and Mauritius. These companies provide a range of services including life insurance, long-term saving, general insurance, pension plans, group life and pensions, and medical insurance. In all of the three markets, BAI is the market leader in one if not all classes of insurance products.

Asset management
This service is provided through our investments in Kenya, Dubai, Malta and Mauritius. Operating under different brand names, asset management companies offer major international investment funds as well as proprietary funds set up in their jurisdiction.