National Bank of Canada buys 9.5% stake in Mauritius-based AfrAsia Bank

National Bank of Canada bought a 9.5 percent stake in Mauritius-based AfrAsia Bank Ltd., its first African investment.

The bank paid C$16 million ($14 million) in the deal, which was smaller than National Bank’s September acquisition of a 30 percent stake in Cambodia’s ABA Bank for about C$26 million, Claude Breton, a spokesman for the Canadian lender, said today in a phone interview.

Read more: National Bank Buys 9.5% AfrAsia Stake in First Move Into Africa – Businessweek.