Following the transferring of International Finance Corporation (IFC) and the funds managed by the IFC Asset Management Company (AMC) in Ecobank Transnational Incorporated (ETI), Arise B.V. has become a major shareholder of ETI.
In a statement made available to the Nigerian Stock Exchange (NSE) and the investing public, Ecobank confirmed that the transaction had been completed and that as a consequence, Arise had become a shareholder of the bank with a 14.1% stake.
According to the bank, J.P Morgan Securities Plc acted as a sole placement agent and sole financial advisor to the IFC and funds managed by the AMC in the transaction.
Deepak Malik, the Chief Executive Officer (CEO) of Arise said, “In line with our core business mandate of investing in Africa’s local prosperity, we are excited to have acquired the 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 by strengthening the local banking sector. This transaction with ETI will see Arise collaborate with Ecobank to bring about financial inclusion on the continent.”
On Ecobank’s part, Ade Ayeyemi, the CEO 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.”
What you should know: Arise is a leading African investment company that partners with sustainable, locally owned Financial Services Providers in Sub Saharan Africa.