Friday, April 16, 2021 UTC
Recognized by industry leaders for extensive coverage on African Asset Management
News > Private Equity > Exits

Actis makes third exit from Abraaj Africa funds

Africa Global Funds
May 25, 2020, 10:12 p.m.

Word count: 246

Actis has exited its majority stake in GHL Bank, a full-scale commercial bank in Ghana, to First National Bank Ghana, a 100% subsidiary of FirstRand Group.

Receive ONE magazine and TWO locked articles of your choice for FREE when you register an account
Share:

Actis has exited its majority stake in GHL Bank, a full-scale commercial bank in Ghana, to First National Bank Ghana, a 100% subsidiary of FirstRand Group.

Actis took over the investment in 2019 when it took over the management of Abraaj Africa Fund III.

The transaction has received the required regulatory approvals from the Bank of Ghana and the South African Reserve Bank.

The fund invested in GHL Bank in 2016, and enabled the company to leverage its unique value proposition as the leading mortgage provider in Ghana to achieve the transition into a full-scale commercial bank focused on the retail sector.

The original investment thesis was premised on GHL’s robust mortgage model, deep knowledge of the retail customer and the significant growth opportunities that exist within this segment of the Ghanaian banking industry.

This is the third exit from the Abraaj Africa funds since Actis assumed management rights and follows Actis’ sale of the fund’s stake in Custodian & Allied Insurance, a Nigerian insurance company and Fan Milk International (FMI), a West Africa-focused food production company.

The GHL exit builds on the firm’s excellent track record of exiting to strategic buyers in Africa, as illustrated with the recent exit of Compuscan to Experian for over $250m in 2019. 

Actis is the largest private capital investment firm in Africa and the largest private capital real estate investor in the continent.

It has $4.5bn invested in Africa spread across real estate, private equity investments, energy and infrastructure.

Registration Login
Sign in with social account
or
Lost your Password?
Registration Login
Sign in with social account
or
Registration Login
Registration