CAL Bank Limited has announced that its second largest shareholder DPI has successfully sold its 27.7 percent stake in CAL Bank to Arise BV of Netherlands.
Since 2012, when DPI, a leading Africa-focused private equity firm with $1.1 billion in assets under management invested in CAL, the bank has reported a 16 percent increase in profit after tax in 2015, 24 percent growth in total assets and a 32 percent return on equity.
CAL’s share price increased by over 200% since 2012.
Arise BV, a financial services investment company whose major shareholders are Norfund, Rabobank and FMO, was formed in 2016 as a partnership between Norfund, FMO, and Rabobank.
It aims to reaffirm their long-term commitment to Africa’s future development, growth potential, and the local financial sector. The company started with a presence in over 20 countries, and with $660 million in assets.
“This landmark transaction marks the successful exit of a leading private equity investor, despite a challenging macro environment in Ghana.
“We are delighted to have partnered with DPI, who have been supportive shareholders and have added significant value to our business over their investment period,” CEO of CAL Bank, Mr. Frank Adu Jnr. said.
He added that they look forward to continuing a fruitful partnership with Arise as the new shareholders in CAL Bank.
“CAL Bank has a strong track record of delivering high growth and solid financial performance with our highly skilled and experienced management team.
“With the support of Arise, the bank is well-positioned to deliver future growth for all our shareholders and for our dedicated employees,” he said.