The West Africa Emerging Markets Growth Fund ("WAEMGF") has announced an investment in Ghana’s First Atlantic Bank Ghana Limited (FABL). The investment was made through AA Global Investments Limited (AAGIL), a Mauritius registered Special Purpose Vehicle (SPV) controlled by two key managers of the bank. Current shareholders of the bank are Lagos based Kedari Capital and local investors. The deal which is structured as a combination of private placement and a rights issue will give AAGIL over 15% of FABL.
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This investment which comes after 3 years of thorough rebranding and restructuring will shore up the bank’s capital base, and more importantly partly fund expansion of the branch network and IT platform.
Mawuli Ababio, Partner at PCM Capital Partners, worked on the transaction and commented "this transaction gives our fund exposure to a fast growing institution in which our interests are aligned with those of key management and shareholders."
Set up in 1995, First Atlantic Bank Limited offers universal banking and financial brokering services to retail and corporate clients. The bank has grown to manage 19 branches and service agencies across the country. According to Jean-Michel Kamanan, Senior Manager at PCP, "WAEMGF has backed the bank based on strong fundamentals and growth expectations despite a rather competitive environment and will have a Board seat".
WAEMGF, is a Euro 38.5 million regional PE Fund backed by the South Africa Government Employee Pension Fund (GEPF) through the Public Investment Corporation (PIC), the African Development Bank (AfDB), the ECOWAS Investment and Development Bank (EBID) and select regional financial services institutions. WAEMGF provides growth and expansion capital to businesses with potential for strong value creation in sectors such as energy, financial services, telecoms, multimedia, ICT, agro business and distribution.
The Fund is managed by PCM Capital Partners (PCP) a subsidiary of Phoenix Capital Management, Côte d’Ivoire.