The International Finance Corporation (IFC) and its Asset Management Company are in advanced discussions to sell equity holding in Ecobank Transnational Incorporated (ETI).
Ecobank Transnational Incorporated, the Lomé-based parent company of the Ecobank Group, announces a material information relating to its ownership structure in a statement to the Nigerian Stock Exchange on Monday.
According to the statement, IFC, a member of the World Bank Group, and investment funds managed by the IFC Asset Management Company have entered into a Share Purchase Agreement with a leading Dutch investment firm Arise BV for the sale of their circa 14.1 per cent stake in ETI. Completion of the transaction is expected in the coming months, subject to due diligence, internal and regulatory approvals.
The statement further mentioned that:
“IFC and ETI have worked together since 1993 to broaden access to finance, enhance trade liquidity, and strengthen Ecobank. Since 2009, IFC and the funds managed by the IFC Asset Management Company, through their investments, have been supporting Ecobank’s growth strategy across Africa in building a preeminent banking franchise”.
Arise BV is a leading equity investor in financial institutions in Sub-Saharan Africa with a combined asset value in excess of USD 700 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 and helping them to become industry leaders in their respective markets, Arise BV aims to contribute to the economic growth potential of Africa, whilst at the same time achieving long-term investment returns. Arise is owned by FMO, Norfund, and Rabobank.