International Finance Corporation has announced the completion of its divestment from Ecobank Transnational Incorporated.
Ecobank had earlier notified the NSE and its stakeholders that the IFC and the funds managed by the IFC Asset Management Company were in discussions to dispose of their shareholding to Arise BV.
In a statement made available to the NSE on Wednesday, 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.
It said 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.
The Senior Advisor, IFC, Paolo Martelli, said, “As part of its ordinary asset portfolio rotation, the IFC has divested its shareholdings in Ecobank to Arise BV, a highly-reputable investment house with a strong developmental mandate for Africa.
“The IFC invested in Ecobank for more than 10 years and our investment has helped to increase access to credit for entrepreneurs and the Small and Medium Enterprises in sub-Saharan African countries (including International Development Association countries) in which the bank operates, achieving the development impact we sought when we made the investment.”