The Canadian mortgage banking specialist confirms its commitment to the African banking market, with the successful closing of the NBM Bank acquisition in Mauritania.
Westbridge Mortgage has closed on the acquisition of the 217-employees, 27-branch bank in Nouakchott, Mauritania, a country on the cusp of unpreceded growth, led by the coming development of one of the largest LNG gas projects on the Continent.
During their months of long due diligence in Mauritania, executives and board members from Westbridge have met with Government officials and Banking Supervision authorities at the Central Bank of Mauritania (BCM). From the BCM’s perspective, “The setting-up of a specialist financial institution into Mauritania is a sign of confidence in our country’s financial system at the very moment we are contemplating additional reforms ahead of the new LNG gas development project”, said Cheikh El Kebir Moulaye Taher, the central bank’s Governor.
Speaking on behalf of Westbridge, James Clayton, its Chairman, stated his company’s appreciation for “the tremendous efforts made by the Government to lift the country’s economic prospects, especially as it relates to real estate development and bank reforms: “The growing presence of multinational mining and oil and gas companies in Mauritania bodes well for the demand for high-quality accommodations and office space and Westbridge is very pleased to be able to bring its expertise and experience in those areas to Mauritania”.
This latest acquisition further cements Westbridge’s Africa ambition and positions the company in a banking market with strong prospects for sustained growth and a favourable regulatory environment. Known for its strong customer-centric culture, Westbridge Mortgage REIT is committed to expanding its brand of exceptional customer service and tailored mortgage lending into select African markets. According to the Company’s CEO, JD Diabira: « What we bring to the Mauritanian banking landscape is a solid decades-long expertise in real estate finance and a solid grasp of international regulatory and risk management requirements, all delivered by a team with 30 years of banking experience », he continued.
Westbridge‘s presence in Mauritania will also contribute to Mauritania’s increasing international economic integration. Westbridge thus joins a growing list of Canadian firms, including Kinross Gold and Al Gold Resources, that have had major operations in Mauritania for many years.
ABOUT WESTBRIDGE MORTGAGE REIT Westbridge Mortgage REIT is a leading Canadian mortgage lending and trading company. It has operated as Westbridge Mortgage since 2014, based in Ottawa and now Calgary. From 2002 to 2014, Westbridge operated as a subsidiary of the mortgage securitization firm Riskmont Institutional Loans Trading, which was sold to U.S. interests in 2013. The company’s mission is to issue, hold, securitize and trade commercial mortgages in key markets in Africa, with a strong commitment to responsible lending, financial inclusion and gender equality.