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Ecobank Transnational Incorporated (ETI), the Lomé, Togo-based parent company of the Ecobank Group, has announced a $75 million (N30.7bn) additional Tier-1 (AT1) investment by Arise B.V.
This Basel III-compliant instrument is the first AT1 instrument issued by ETI and a landmark transaction in the sub-Saharan Africa region.
The investment by Arise, a leading equity investor in financial institutions in Sub-Saharan Africa and one of ETI’s existing major institutional shareholders, demonstrates the support, commitment and capacity of Ecobank’s international shareholder base, the bank said.
“This investment by Arise is a testament to continued support and confidence from our shareholders; their commitment to, and belief in our strategy which we remain focused on executing to deliver value to our shareholders and excellence to our customers,” Ade Ayeyemi, Group Chief Executive Officer of ETI said.
“Indeed, in addition to improving our double leverage ratio, it is also a good boost for the firm and its staff,” Chief Executive Officer of Arise, Deepak Malik said
“We are very supportive of ETI’s growth ambitions and its ability to increase financial services to Agri, SMEs & retail customers. Our investment will also strengthen the balance sheet of ETI and provide additional risk capital.”
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