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. As of 2016, it had total assets of GHS 3.2 billion (USD 695 million), 26 branches and 100 automated teller machines. As of 2015, it reported return on assets of 4.9 percent and return on equity of 32 percent.
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 – Un-audited Financial Statements, September 2016
CAL Bank – Annual Report 2015
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