MICROCAPITAL BRIEF: Arise – Founded by Norfund, FMO, Rabobank to Invest in African Financial Services Providers – Buys 28% Equity Stake in Ghana’s CAL Bank from DPI

Arise, an investment company recently launched in South Africa by three European institutions, has paid an undisclosed price to acquire 27.7 percent of the shares of CAL Bank, a publicly traded financial institution in Ghana. Arise bought the stake from Development Partners International, a UK-based, Africa-focused private equity firm that manages USD 1 billion in assets. Formerly known as Continental Acceptances Limited, CAL Bank was launched in 1990 and reports GHS 2.7 billion (605 USD million), return on assets of 5.3 percent and return on equity of 36 percent as of 2014. As of 2017, it has 26 branches and 100 automated teller machines.

The goal of Arise is to “take and manage minority stakes in sub-Saharan financial services providers…that serve retail, small and medium enterprises, the rural sector, and clients who have not previously had access to financial services.” Its founders are the Norwegian government’s Norfund; Dutch development bank Financierings-Maatschappij voor Ontwikkelingslanden (FMO); and Netherlands-based cooperative Rabobank.

Sources and Additional Resources

Maiden Investment into CAL Bank in Ghana by Arise Set to Advance Economic Growth

CAL Bank





Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at: http://www.microcapital.org/products-page/


Comments are closed.