Three subsidiaries of Ecobank Transnational Inc. will receive a US$14m investment from Advanced Finance and Investment Group, manager of the Atlantic Coast Regional Fund.
The ETI subsidiaries involved in this transaction include Ecobank Chad, which will receive US$6m, Ecobank Liberia, which will receive US$4m, and Ecobank Rwanda, which will receive US$4m.
The investments are provided in the form of a combination of equity and convertible bonds.
These three banks operate in their respective economies providing credit to the most underserved segments of their markets.
Commenting on the deal, Arnold Ekpe, CEO of the Ecobank Group, was quoted as saying: “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”, he added.