The International Finance Corporation (IFC) says it is in advanced discussions along with its IFC Asset Management with a leading Dutch investment firm Arise BV for the sale of their 14.1% equity stake in Ecobank Transnational Incorporated (ETI).
According to a statement by Madibinet CISSE, Ecobank’s Group General Counsel and Company Secretary to the Nigerian Stock Exchange (NSE), Arise BV is a leading equity investor in financial institutions in Sub-Saharan Africa with a combined asset value in excess of US$700m, with mandate to capitalize and stimulate growth across all financial services sub-sectors and within SSA.
A notice by ETI, the Lomé based parent company of the Ecobank Group, said the IFC, a member of the World Bank Group, and investment funds managed by the IFC Asset Management Company, entered into a Share Purchase Agreement with Arise B.V.
“Completion of the transaction is expected in the coming months, subject to due diligence, internal and regulatory approvals,” the statement added, noting that both 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.