IFC to exit Ecobank Group | Business News 2019-06-24
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Business News of Monday, 24 June 2019

Source: goldstreetbusiness.com

IFC to exit Ecobank Group

The International Finance Corporation and the IFC Asset Management Company in advanced discussions to sell equity holding in Ecobank Transnational Incorporated.

Ecobank Transnational Incorporated, (“ETI”), the Lomé-based parent company of the Ecobank Group, announces a material information relating to its ownership structure.

The International Finance Corporation (“IFC”, a member of the World Bank Group), and investment funds managed by the IFC Asset Management Company (“AMC” a wholly-owned subsidiary of IFC) have entered into a Share Purchase Agreement with a leading Dutch investment firm Arise B. V for the sale of their circa 14.1 percent stake in ETI. 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.