$100m injected by IFC to secure 7.2% stake in Ecobank

25/07/2012
$100m injected by IFC to secure 7.2% stake in Ecobank

The International Finance Corporation (IFC) announced that it has injected about $100 million in Ecobank Transnational Incorporated (ETI), which will give the World Bank Group member about 7.2% shares in the Pan-African bank based in Togo.

Ecobank capital base will also be strengthened by the investment. It will scale up in key markets, and expand its offerings across its network of 32 African countries.

IFC added, Three funds managed by IFC Asset Management Company the IFC Capitalization Fund (IFC Cap Fund), the IFC African, Latin American, and Caribbean Fund (IFC ALAC Fund), and the Africa Capitalization Fund will invest up to $100 million in a subscription of ETI shares, for a combined stake of about 7.2%.

Chief Executive Officer of IFC Asset Management Company, Gavin E.R. Wilson added, We are pleased to increase our shareholding in what we consider to be one of Africa s most impressive banks.

The IFC s investment is a part of a successful fundraising programme by ETI, which attracted large institutional investors, such as Nedbank and Public Investment Corporation of South Africa.

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