The International Finance Corporation (IFC) has disposed of its shareholding in Ecobank Transnational Incorporated (ETI) to Arise B.V (Arise), ETI notified the Ghana Stock Exchange
Arise has therefore become a shareholder of reference in ETI with a 14.1 per cent stake.
J.P. Morgan Securities PLC acted as Sole Placement Agent and Sole Financial Advisor to IFC and the funds managed by AMC in this transaction.
Following the completion of the transaction, Senior Advisor at IFC, Paolo Martelli said, “As part of its ordinary asset portfolio rotation,
IFC has divested its shareholdings in ETI to Arise B.V., a highly reputable investment house with a strong developmental mandate for Africa. IFC invested in Ecobank for more than ten years and our investment has helped to increase access to credit for entrepreneurs and SMEs in Sub Saharan African countries (including in IDA countries) in which the bank operates, achieving the development impact we sought when we made the investment.”
He added, “IFC maintains its strong commitment to the development of the Sub Saharan African Region and is continuing to invest in other projects in these countries.”
Chief Executive Officer of Arise Deepak Malik said, “In line with our core business mandate of investing in Africa’s local prosperity we are excited to have acquired the c.14.1 % shareholding in Ecobank Transnational Incorporated (ETI). Arise aims to collaborate with local financial service providers (FSPs) in Sub-Saharan Africa to boost economic growth through strengthening the local banking sector. This transaction with ETI will see Arise collaborate with Ecobank to advance financial inclusion on the continent”.
Chief Executive Officer of ETI, Ade Ayeyemi said: “We welcome Arise as a shareholder of ETI and believe that there would be a strong synergy in our core objectives, especially in ensuring and enshrining financial inclusion and the potential for the development of our continent.”
Mr Ayeyemi added, “We must also take the opportunity to extend our deep appreciation to IFC for its commitment to and support for Ecobank in the last 10 years. We made meaningful progress with strong collaboration and look forward to continuing to work with IFC in other areas in the future.”