Ecobank Transnational Incorporated has announced that International Finance Corporation and the funds managed by the IFC Asset Management Company have completed the sale of its c.14.1 per cent stake in ETI to Arise BV.
Accordingly, Arise has become a shareholder of reference in ETI with 14.1 per cent stake.
J.P. Morgan Securities acted as Sole Placement Agent and Sole Financial Advisor to IFC and the funds managed by the AMC in this transaction.
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Following the completion of the transaction, Senior Advisor at IFC, Paolo Martelli, said, “As part of its ordinary asset portfolio rotation, IFC has divested its shareholding in ETI to Arise BV, a highly reputable investment house with a strong 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-Saharan African countries (including IDA countries) in which the bank operates, achieving the development impact we sought when we made the investment.”
The Chief Executive Officer of Arise, Deepak Malik, said, “In line with our core business mandate of investing in Africa’s local prosperity, we are excited to have acquired c.14.1 per cent shareholding in ETI. Arise aims to collaborate with local Financial Service Providers in sub-Saharan Africa to boost economic growth through strengthening of the local banking sector. This transaction with ETI will see Arise collaborate with Ecobank to advance financial inclusion on the continent.”
The Chief Executive Officer of ETI, Ade Ayeyemi, 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.”
He added, “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 continue working with IFC in other areas in the future.”
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