By Chinyere Joel-Nwokeoma
The International Finance Corporation (IFC) and its Asset Management Company have reached advanced discussions to sell equity holding in Ecobank Transnational Incorporated (ETI).
The company said that IFC and the Asset Management Company (AMC) had entered into a share purchase agreement with Dutch investment firm, Arise BV for the sale of their circa 14.1 per cent stake in ETI.
The News Agency of Nigeria (NAN) reports that ETI Lome-based parent company of the Ecobank Group, announced a material information relating to its ownership structure in a statement to the Nigerian Stock Exchange.
According to the statement, completion of the transaction is expected in the coming months, subject to due diligence, internal and regulatory approvals.
It said that IFC and ETI had 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 pre-eminent banking franchise,” it said.
NAN reports that Arise BV is a leading equity investor in financial institutions in Sub-Saharan Africa, with a combined asset value in excess of 700 million dollars.
Its mandate is to capitalise and stimulate growth across all financial services sub-sectors within sub-Saharan Africa. (NAN)