Arise expands its footprint into West Africa through its investment in Ecobank
Arise is pleased to announce that in August it became a shareholder in one of Africa’s leading banks, Ecobank. According to Arise CEO, Deepak Malik the organisation acquired a 14 % shareholding in Ecobank Transnational Incorporated (ETI), the parent company of Ecobank, which has a presence in over 36 countries on the African continent. On 27 August 2019 the disposal of the shares of the International Finance Corporation (IFC) and the funds managed by the IFC Asset Management Company in ETI to Arise was concluded.
This investment speaks directly to Arise’s core mandate of investing in Africa’s local prosperity through partnering with sustainable Financial Service Providers (FSPs) to advance economic growth and job creation. “Our investment in Ecobank has not only allowed Arise to expand its investment footprint into West Africa, but it also moves us one step closer to growing our investment portfolio in excess of USD 1 billion. We are excited to partner with Ecobank and look forward to making a tangible contribution to advancing financial inclusion on the continent ”, said Mr Malik.
Ade Ayeyemi, Chief Executive Officer of ETI said: “We welcome Arise as a shareholder of ETI and believe that there would be a strong synergy in our core objectives, especially in ensuring and enshrining financial inclusion and the potential for the development of our continent. We would also like to take the opportunity to extend our deep appreciation to IFC for its commitment to and support for Ecobank in the last 10 years”.