Posted on February 19, 2014

London, February 17, 2014 – Enclude Capital Advisory UK Ltd. announced today that it has successfully completed the divestiture of a 6% equity stake in ACLEDA Bank Plc. in Cambodia, on behalf of its clients, three separate funds managed by Triodos Investment Management (the “Sellers”). The stake has been sold to ORIX Corporation of Japan. ACLEDA Bank Plc. is the largest bank in the South East Asian region that finances micro-, small-, and medium-sized businesses.

ACLEDA Bank Plc. is one of the largest commercial banks in Cambodia and the country’s first microfinance institution, with over $2 billion in assets (as of Dec. 31, 2013) and over 21 years of experience in inclusive finance. It has also established a bank in Laos in 2008, which is amongst the top private commercial banks, and a microfinance company in Myanmar in 2012, which is among the few sizeable institutions with an approved microfinance license.

ACLEDA Bank Plc. has shown significant and sustained growth in the last decade in terms of its loan portfolio, deposits, branch network, customer base and profitability ratios. It expects substantial further growth in the future as it looks to build upon its market-leading position and reputation in the region. ACLEDA Bank Plc. has made significant strides in implementing its mission of financial inclusion – which in turn has led to significant developmental impact in Cambodia and Laos – and continues to generate substantial profits, in one of the most dynamic and under-penetrated emerging market regions globally.

Enclude Capital Advisory UK Ltd, a specialist corporate finance advisor with significant experience of advising on M&A and capital raising transactions in the microfinance and impact investment space, acted as the sole financial advisor to the Sellers. The team was led by Managing Director Ian Callaghan and Director of Equity Imraan Mohammed, assisted by Associate Stephanie Garcia Van Gool.

Michelmores LLP, a leading UK law firm with significant emerging markets deal experience which acts for a range of UK and international clients on cross-border M&A and investment activities, acted as main legal advisor to the Sellers, together with HBS Law, which provided Cambodian legal advice. The Michelmores team was led by Partner Joe Whitfield, assisted by Associate Henry Taylor. Partner Ly Tayseng led the HBS Law team.

Commenting on the transaction, Femke Bos, Regional Manager Asia in the Emerging Markets department of Triodos Investment Management and ACLEDA Bank Plc. Board Member since 2002, said, “Our relationship with ACLEDA Bank Plc. shows our long-term focus and commitment to supporting financial institutions to achieve the next level of development. It has been truly exciting to have been closely involved in ACLEDA Bank Plc.’s journey from a small NGO to one of the most renowned banks in emerging markets to date, with an impressively transparent culture. We feel this is the right time for a new strategic investor to step in. We are confident that ORIX Corporation brings valuable expertise to further sustainable growth and development of the bank. Triodos Investment Management will continue its relationship with ACLEDA Bank Plc. by maintaining a minority shareholding.”

Ian Callaghan, Managing Director of Enclude’s Capital Advisory business, commented, “This transaction, like others with which Enclude has been involved, builds the track record of microfinance in demonstrating the “round trip” of capital – that is, the ability to invest and successfully exit – within the impact investing space. It was also an opportunity to bring in an experienced strategic investor that has the technical expertise and know-how to help grow ACLEDA’s regional footprint.”

Regarding the transaction, Imraan Mohammed, Director of Equity and M&A for Enclude Capital Advisory, commented, “ACLEDA represents one of those unique financial institutions which has managed to successfully transition from its microfinance roots focused purely on Cambodia, to a diversified commercial bank with a significant regional presence, whilst maintaining both sustainable profitability as well as continuing to serve its original customer base. As such, this transaction represented an opportunity to become a shareholder in one of SE Asia’s premier MSME banks, and attracted significant competition from both strategic and financial investors in the region. With this in mind, we tailored our auction process so as to make sure that the new investor was fully aligned with ACLEDA’s mission, vision, business plan and, of course, with management, with a view towards securing the long term future of the institution. In the last year and a half, the Enclude team has also successfully completed the sales of Sathapana in Cambodia and Xacbank in Mongolia.” Imraan Mohammed has more than 12 years of experience in emerging market M&A and private equity transactions and led the team on this transaction.

Joe Whitfield, Corporate Partner at Michelmores and previously General Counsel at CDC Group Plc., added: “We are delighted to have been involved on this significant and complex multi-jurisdictional transaction and to have worked with the Enclude team to bring it to a successful conclusion. This further demonstrates Michelmores’ substantial expertise in advising private equity funds, financial institutions, corporates and government agencies on a wide variety of transactions in some of the most challenging emerging markets.” Joe Whitfield has more than 20 years’ experience advising on private equity, M&A and development finance transactions in emerging markets.

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About Enclude Capital Advisory UK Ltd
Enclude Capital Advisory UK Ltd (, a wholly owned subsidiary of Enclude Ltd, is a London-based advisory firm providing specialist M&A advice and capital raising services to investors and entrepreneurs operating in the microfinance and impact investment sectors. Enclude Ltd, is a professional advisory services firm dedicated to building an inclusive and prosperous global economy through the provision of integrated capacity and capital services that generate sustainable business results and positive social and environmental outcomes. Enclude’s Capital Advisory business is regulated by the Financial Conduct Authority (“FCA”) in the UK. Enclude’s Capacity Solutions business increases financial institutions’ and public and private sector organisations’ profitability and effectiveness so they can better meet the needs of un(der)served entrepreneurs and households. For further information on Enclude please visit and

About Michelmores LLP
Michelmores LLP is a leading UK law firm that provides Business, Property and Private Client advice to a range of national and international clients. It has 350 staff, 57 partners and offices in London, Bristol and Exeter. For further information on Michelmores please visit

About Triodos Investment Management
Triodos Investment Management is a 100% subsidiary of Triodos Bank, one of the world’s leading sustainable banks. Triodos Investment Management is a globally recognised leader in impact investing, managing investment funds in different sustainability themes ranging from renewable energy, sustainable real estate to inclusive finance in emerging markets, with combined assets of EUR 2.4 billion per end of June 2013. Since 1994, its assets under management in inclusive finance have increased to over EUR 500 million, making it one of the leading investors in the industry. Through specialised funds, it currently provides finance – both debt and equity – to 112 upcoming and well-established financial institutions in 45 countries. They hold equity stakes in 22 financial institutions; senior staff of Triodos Bank joins the Board of Directors and actively contributes to the governance of these institutions. For more information on Triodos Investment Management, please visit

About ACLEDA Bank Plc.
ACLEDA is Cambodia’s largest commercial bank, which started as an NGO specializing in microfinance in 1993, with the purpose of developing micro-enterprises and supporting job creation. ACLEDA converted from an NGO to a bank in 2000. At present, it has 238 offices and branches throughout Cambodia and has a firm customer base focusing on financing micro-, small-, and medium-sized businesses. Further, ACLEDA Bank Plc. has pursued expansion of its business fields in the Indo-China region where further economic growth is expected by establishing a bank in Laos in 2008 and a microfinance company in Myanmar in 2012. For more details, please visit:

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