Ecobank Transnational Incorporated (“ETI”) (https://Ecobank.com) announces that International Finance Corporation (“IFC”) and the funds managed by the IFC Asset Management Company (“AMC”) have completed the sale of their c.14.1 per stake in ETI to Arise Invest (“Arise”). Accordingly, Arise Invest has become a shareholder of reference in ETI with a c.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, Paolo Martelli, Senior Advisor at IFC said:
“As part of its ordinary asset portfolio rotation, IFC has divested its shareholding in ETI to Arise Invest, 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. 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.”
Deepak Malik, Chief Executive Officer of Arise said: “In line with our core business mandate of investing in Africa’s local prosperity we are excited to have acquired 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.”
Ade Ayeyemi, Chief Executive Officer of ETI 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. 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 the strong collaboration and look forward to continuing to work with IFC in other areas in the future.”
About Arise B.V. (“Arise”):
Arise (http://www.AriseInvest.com/) is a leading equity investor in financial institutions in Sub-Saharan Africa with a combined asset value in excess of USD 740 million. Its mandate is to capitalize and stimulate growth across all financial services sub-sectors and within SSA. Through partnering with financially sustainable Financial Service providers (FSPs) and helping them to become industry leaders in their respective markets, Arise aims to contribute to the economic growth potential of Africa, whilst at the same time achieving long-term investment returns. For more information, visit http://www.AriseInvest.com/.