SGG Group has entered into an agreement with Cim Financial Services to acquire its Global Business sector in Mauritius.
The transaction is expected to be complete by the end of Q2 this year, subject to regulatory and shareholder approval.
As part of the transaction, Cim Global Business will be rebranded as part of SGG, allowing the combined group to pursue its business development strategy by expanding its range of services and geographies.
According to Cim Global Business, the transaction is a vote of confidence for Mauritius as a regional financial centre of growing importance.
Last year, Cim Global Business suggested that Mauritius has been positioned as the domicile of choice for African business since the enactment of its Captive Insurance Act.
It noted that African companies are attracted to Mauritius because of its membership with the International Association of Insurance Supervisors (IAIS) guidelines and its developed reinsurance market.
In addition, CIM Global Business made two strategic appointments to launch its accounting outsourcing offering to captive insurance managers.
Graham Sheward, managing director of Cim Global Business, said: “We look forward to bringing our expertise and platforms together with the SGG Group and to combining our existing range of services, outstanding teams and geographical footprint.”
“In partnership with SGG, Cim Global Business will be able to expand its servicing capabilities, allowing us to better serve our growing base of clients and further develop our focus on fund administration and servicing corporates and investors in the exciting African and Asian markets.”
