PCM Capital Partners (PCP) has announced a full exit from First Atlantic Bank (FAB) through an initial public offering (IPO) on the Ghana Stock Exchange (GSE). The successful transaction marks PCP’s fourth complete exit—alongside one partial exit—from its maiden vehicle, the West Africa Emerging Markets Growth Fund (WAEMGF), further strengthening the firm’s track record in delivering liquidity events for investors.
WAEMGF, domiciled in Mauritius, invested in seven portfolio companies across key sectors including agribusiness, pharmaceuticals, leasing, logistics, hospitality, and downstream oil and gas. The fund held its investment in FAB through AA Global Investments (AAGIL), a Mauritius‑based special purpose vehicle controlled by WAEMGF.
The FAB listing represents one of the most significant IPOs on the GSE in the past seven years, drawing oversubscribed demand from major Ghanaian pension funds, institutional investors, and high‑net‑worth individuals. The strong investor appetite underscores widespread confidence in FAB’s balance sheet strength, governance systems, digital transformation agenda, and long‑term earnings prospects.
The structure of the IPO—considered the first of its kind in Ghana—offered pension schemes a new investment pathway and demonstrated a viable route for Ghanaian companies to raise growth capital from the private pension industry. The transaction is expected to deepen the country’s capital markets, enhance liquidity on the local bourse, and set a precedent for future listings.
Reflecting on the exit, Mawuli Ababio, Managing Partner of PCP, stated:
Our investment thesis centred on transforming FAB into a resilient, well‑capitalized commercial bank capable of commanding strong public‑market interest. The successful listing demonstrates our interest in mobilising local capital into businesses driving key sectors of the Ghanaian economy. We are proud to have been part of FAB’s growth journey and such a monumental transaction.
Under PCP’s ownership, FAB strengthened its capital position, upgraded its risk management framework, expanded its product offerings, and advanced its digital banking capabilities. The bank also extended its reach to underserved retail and SME customers, positioning itself for sustainable long‑term growth in Ghana and future expansion across the West African sub‑region.
Commenting on the relationship, Odun Odunfa, MD/CEO of First Atlantic Bank PLC, added:
Over the last 10 years we have enjoyed excellent cooperation with the team from AAGIL and the PCP team in particular, despite some difficult and challenging times. They have supported us every step on our journey so far and have been an invaluable partner given their thorough understanding of the local economy.
