Emerging markets private equity specialist Actis has sold its majority stake in Ghana’s GHL Bank, a year after it took over the investment from scandal-hit buyout house Abraaj.
Actis has sold its majority stake in GHL Bank, which it owned through Abraaj Africa Fund III, to First National Bank Ghana..
The fund invested in GHL Bank in 2016. Actis said the deal enabled the company to leverage its position as the leading mortgage provider in Ghana to achieve the transition into a full-scale commercial bank focused on the retail sector.
This deal is the third exit from the Abraaj Africa funds since Actis assumed management rights, following the firm’s sale of the fund’s stake in Nigerian insurance company Custodian & Allied Insurance, and West Africa-focused food business Fan Milk International.
Actis, the largest private capital investment firm in Africa, has $4.5bn invested in the continent, spread across real estate, private equity investments, energy and infrastructure.
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