Arise BV, which has focused Funds for investment in the continent is into negotiation with the International Finance Corporation (IFC), a member of the World Bank to purchase the corporation's holdings in ETI.
According to the banking group, IFC and the investment funds managed by the corporation "IFC Asset Management Company (AMC) have entered into a Share Purchase Agreement" with Arise B. V for the sale of their 14.1 percent stake in ETI.
"Completion of the transaction is expected in the coming months, subject to due diligence, internal and regulatory approvals," ETI said in the filing with the Nigerian Stock Exchange (NSE).
IFC and ETI have worked together since 1993 to broaden access to finance, enhance trade liquidity, and strengthen Ecobank. S
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.
Arise B.V was established in August 2016, as a partnership between NorFund, FMO, and Rabobank to focus on investing in Africa.
The partnership was designed to increase the availability of financial services to small and medium enterprises in the continent and allow the people in Sub Saharan Africa to empower themselves by getting bank accounts and take loans and hence build a better life for their families.
Ecobank last month announced the issuance of $500 million Eurobond to finance its operations and enhance its lending to key sectors of its operational base.
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