First Atlantic Bank announces investment by AFIG Fund

First Atlantic Bank (FAB) announced today that it has finalized an agreement with Advanced Finance and Investment Group (AFIG Funds), manager of AFIG Fund II (“Fund II” or the “Fund”), for an investment in the Bank. The Fund’s investment is subject to regulatory approval.

First Atlantic Bank is a full-service universal bank in Ghana which has been proving a wide range of banking services to retail and corporate clients for over 20 years. Since First Atlantic Bank’s transformation from a merchant bank to a universal bank in 2011, the Bank has quickly become one of the most established local banks with an extensive footprint and a robust financial position. AFIG Fund’s investment in First Atlantic Bank will strengthen the Bank’s capital ans accelerate its transition to being a market leader.

Commenting on the announcement, Mrs. Karen Akiwumi-Tanoh, Chairman of the board of The Bank, 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.”

Commenting further, Papa Madiaw Ndiaye, CEO of AFIG Funds 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 and important stage in Ghana’s economic evolution given the new government’s plans ans 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 time when the Bank of Ghana has taken bold steps to strengthen the bank sector.

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 othe members of the board and management team for many years”.