Egypt-based investment bank Beltone Financial Holding SAE is considering acquiring a significant stake in Togo-based African banking group Oragroup SA.

Beltone said May 19 that it intends to sign a nonbinding offer setting out the indicative terms for a possible transaction after its board approved in principle the assessment of such an acquisition. The investment bank plans to conduct a preliminary financial feasibility for the transaction before it proceeds with a comprehensive, nonexclusive due diligence process.

Beltone said the move is in line with its plan to grow its investments and expand in the African financial services market.

Oragroup has 143 branches in 12 countries in western and central Africa. It reported full-year 2017 net income of $40.1 million.