ETI announced this on Monday in a statement released to the
Nigerian Exchange Limited and the investing public.
It said the investment from the private equity firm would be
used for its general corporate purposes including loan growth and strengthening
the capital buffers of profitable subsidiaries in two of the group’s
cornerstone regions, namely Francophone West Africa and Anglophone West Africa.
Arise is a fund based in sub-Saharan Africa with operations
in over 10 African countries and assets under management in excess of $960m,
according to the statement. It is an institutional investor in ETI.
The Group Chief Executive Officer of ETI, Ade Ayeyemi, 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.
“Indeed, in addition to improving our double leverage ratio,
it is also a good boost for the firm and its staff.”
The Chief Executive Officer of Arise, Deepak Malik, was
quoted as saying, “ETI is our primary banking investment in Francophone West
Africa and Anglophone West Africa.
“We are very supportive of ETI’s growth ambitions and its
ability to increase financial services to Agri, SMEs and retail customers. Our
investment will also strengthen the balance sheet of ETI and provide additional
risk capital.”
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