Advanced Finance & Investment Group, manager of AFIG Fund II is set to commit some investments into the operations of First Atlantic Bank.
The move is however subject to regulatory approval.
A statement by First Atlantic Bank indicating the finalizing of the agreement between the two institutions said, ‘AFIG Funds’ investment in First Atlantic Bank will strengthen the Bank’s capital and accelerate its transition to being a market leader.’
The announcement also comes weeks after the Bank of Ghana intensified efforts to strengthen Ghana’s financial sector including the new capital requirement for commercial banks.
Commenting on the agreement, the Chairperson of the board of First Atlantic bank, Mrs. Karen Akiwumi-Tanoh said,
“We are glad to have attracted the backing of AFIG Funds at this critical phase in our growth. We have been engaged with AFIG Funds for several years and are delighted to have gained their confidence in our business model and prospects. This investment will go a long way in strengthening our capital base and will better position us to continue delivering excellent service to our customers. We also expect to benefit from AFIG Funds’ experience of investing in and building banks across Africa.”
On his part, the CEO of AFIG Funds, Mr. Papa Madiaw Ndiaye said,
“We are pleased to build a partnership with a bank of this caliber, which has a diversified reach across key segments of the economy. This investment cements the longstanding relationship between both institutions. Our partnership with First Atlantic Bank takes place at an important stage in Ghana’s economic evolution given the new government’s plans and ambitions, particularly in terms of restoring investor confidence. As an international investor, we pride ourselves on timing our investments to ideally coincide with periods of great promise in the target country. We are also delighted to partner with a reputable institution like First Atlantic Bank especially at a time when the Bank of Ghana has taken bold steps to strengthen the banking sector.”
Mr. Ndiaye added, “We believe that First Atlantic Bank has the capacity to become one of the leading banks locally and possibly in West Africa, thanks to the quality of its board and management team, as we have known its MD/CEO, Mr. Odun Odunfa, and other members of the board and management team for many years”.
First Atlantic Bank is a full-service universal bank in Ghana which has been providing a wide range of banking services to corporate and retail clients for over 20 years.