IFC in advanced discussion to sell 14% equity stake in Ecobank

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

The International Finance Corporation, 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.

The Lomébased parent company of the Ecobank Group announced on the Nigerian Stock Exchange (NSE) this material information relating to its ownership structure.

ETI stocks were up by 5kobo or 0.51 percent to N9.85 at the close of trading on the Nigerian Stock Exchange.

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.

IHEANYI NWACHUKWU

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.