Arise B.V has become a major shareholder of Ecobank Transnational Incorporated (ETI) with the transfer of the International Finance Corporation (IFC) and the funds managed by the IFC Asset Management Company (AMC) in Ecobank.
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 per cent 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.”