[ 2017-02-15 ]
Norfund’s Arise acquires 27.7% of CAL Bank
CAL Bank has assured that an acquisition of 27.7
percent stake in the bank by Arise Investment will
further grow the company to entrench its position
as one of the leading banks in Ghana.
Arise Investment, which is based in the
Netherlands acquired the 27.7 percent shares of
DPI — a private equity firm with assets in excess
of US$1 billion under management.
DPI had worked with CAL Bank for four years.
Arise, which is a collaborative partnership
between international companies, Norfund, FMO and
Rabobank is a strategic investor in minority
stakes in Sub-Saharan African Financial Service
In addition, Arise Investment has a core aim of
building strong and stable institutions that serve
retail, Small and Medium Enterprises (SMEs), the
rural sector, and clients who have not previously
had access to financial services.
Speaking to Citi Business News, the Head of
Investor Relations at CAL Bank Miss Dzifa
Amegashie was optimistic the bank will continue to
post growth in profit, asset, and returns on
“The most important thing is that the new investor
is fully approved by the board of CAL Bank and the
new investor fully fits in with our plans for
growing a leading bank in Ghana. We believe our
growth in profit, assets and returns on equity
will continue like we saw under the former
investor,” she said.
She stated that the bank has posted good
performance in almost all the areas of its
Explaining how the new investors will contribute
to the management of the bank, Miss Amegashie
stated that the new shareholder will aid the bank
to grow it retail franchise.
She stated that the bank will use technology and
innovative means to expand it operations
Source - citibsinessnews.com
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