Ecobank has announced that the International Finance Corporation and the funds managed by the IFC Asset Management Company (“AMC”) have completed the sale of their 14.1 per cent stake in Ecobank to Arise B.V.
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 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.
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 strong collaboration and look forward to continuing to work with IFC in other areas in the future”.
