The International Finance Corporation (IFC) on July 17, 2012 announced a $100 million investment in Ecobank Transnational Incorporated (ETI). The investment will give the IFC a 7.2% stake in the company.
“We are pleased to increase our shareholding in what we consider to be one of Africa’s most impressive banks,” said Chief Executive Officer of IFC Asset Management Company, Gavin E.R. Wilson.
“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%,” the IFC said in a statement.
The investment will be used to strengthen Ecobank’s capital base, scale up in key markets, and expand its offerings across its network of 32 African countries.