The International Finance Corporation (IFC) and the IFC Asset Management Company, a wholly-owned subsidiary of IFC, are in advanced discussions to sell equity holding in Ecobank Transnational Incorporated (ETI).
ETI, the parent company of the Ecobank Group, said the IFC and investment funds managed by the AMC had entered into a Share Purchase Agreement with a Dutch investment firm, Arise B. V, for the sale of their about 14.1 percent stake in ETI, Punch Newspaper has revealed.
It said in a statement, “The completion of the transaction is expected in the coming months, subject to due diligence, internal and regulatory approvals. 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.”