Ratio Magazine :: The Inside Track to East Africa’s Economies - Press Releases: Ecobank Sign USD14m Investment Agreement with Advanced Finance & Investment Group

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Press Releases: Ecobank Sign USD14m Investment Agreement with Advanced Finance & Investment Group

Tuesday, 03 August 2010

Lome, Togo, 28 July 2010 -- Ecobank Transnational Inc. (ETI) announced today that it has reached an agreement with Advanced Finance & Investment Group (“AFIG”), manager of the Atlantic Coast Regional Fund (“ACRF”), for an ACRF investment of USD14m in three subsidiaries of ETI.

The ETI subsidiaries involved in this transaction are Ecobank Chad, Ecobank Liberia, and Ecobank Rwanda. The subsidiaries will receive investments in the combination of equity and convertible bonds, distributed as follows: USD6m in Chad, USD4m in Liberia, and USD4m in Rwanda. These three banks are important pillars of their respective economies where they play a leadership role in the financial sector by providing credit to some of the most underserved segments of their markets.

Speaking on the investments, Arnold Ekpe, CEO of the Ecobank Group said: “We are delighted to have attracted the backing of ACRF. The investments will go to further strengthen the capital base of the subsidiaries, and accelerate the implementation of their respective strategic initiatives. ACRF’s investment is part of our ongoing commitment to raise significant additional capital in order to fully exploit the long term growth potential of Africa.”

Following on this, Papa Madiaw Ndiaye, CEO of AFIG said, “We are confident about the growth prospects of Ecobank in general and in Chad, Liberia, and Rwanda in particular. We are therefore hopeful that through this investment, ACRF can make a positive contribution to the development of the private sector in the target countries and provide an attractive return to its shareholders.”

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