Arise B.V., an equity investor in financial institutions in sub-Saharan Africa, has acquired 14 per cent shares in Ecobank Transnational Incorporation (ETI).
A statement by Ecobank said on 17 June 2019, Ecobank Transnational Incorporated (“ETI”) notified the Ghana Stock Exchange that International Finance Corporation (“IFC”) and the funds managed by the IFC Asset Management Company (“AMC”) were in advanced discussions to dispose of their shareholding in ETI to Arise B.V
“ETI hereby confirms that the transaction has now been completed. As a consequence, Arise has become a shareholder of reference in ETI with ac14.1 per cent stake,” the statement said.
JP Morgan Securities PLC acted as Sole Placement Agent and Sole Financial Advisor to the IFC and the funds managed by AMC in this transaction.
Following the completion of the transaction, Paolo Martelelli, Senior Advisor at IFC said: “As part of its ordinary asset portfolio rotation, IFC has divested its shareholding in ETI to Arise B.V., a highly reputable investment House with a string developmental mandate for Africa.
“IFC invested in Ecobank for more than 10 years and our investment has helped to increase access to credit for entrepreneurs and SMEs in sub-Sahara African countries (including IDA countries) in which the bank operates, achieving the development impact we sought when we made the investment. IFC maintains its string of commitment to the development of the sub-Sahara African region and is continuing to invest in other projects in these countries.”