First Atlantic Bank (FAB) has announced that it has reached an agreement with Advanced Finance and Investment Group (AFIG Funds), for an investment in the Bank.It has been said that, AFIG Fund’s investment in FAB will strengthen the Bank’s capital and accelerate its transition to being a market leader.
Speaking on that matter, The Chairperson of the board of FAB, Mrs. Karen Akiwumi-Tanoh has 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.”
Also the chairperson adds, “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.”
On his side, Chief Executive Officer(CEO) of AFIG Funds, Papa Madiaw Ndiaye has said that they are pleased to be in partnership with the FAB which has a diversified reach across key segments of the economy.
“We are pleased to build a partnership with a bank of this calibre, which has a diversified reach across key segments of the economy. This investment cements the longstanding relationship between both institutions,”said Ndiaye.
The CEO adds, “Our partnership with FAB takes place at important stage in Ghana’s economic evolution given the new government’s plans and 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.”
Also the CEO said that, they believe that FAB 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.
FAB is a full-service universal bank in Ghana which has been rendering a wide range of banking services to retail and corporate clients for over 20 years.
Since FAB’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.