Global legal practice Norton Rose Fulbright has advised Norfund on the agreement to purchase of a stake of 12.223% in Equity Group Holdings from Helios Investment Partners.

Bayo Odubeko, a corporate partner in the London office of Norton Rose Fulbright, said: “We are seeing a great deal of corporate activity in the financial institution sector across Africa which is reflective of the vitality of the continent’s economy.”

The deal is subject to receipt of regulatory approvals.

Norfund is the Norwegian Investment Fund for Developing Countries.

Established by the Norwegian Parliament in 1997, Norfund’s objective is to contribute to sustainable commercial businesses in developing countries.

NorFinance is a joint venture between Norfund and Norwegian private equity investors.

Equity Group is the leading inclusive banking group in East Africa with nearly 10 million customer accounts and nearly $4bn in assets.

Listed on the Nairobi Securities Exchange and the Uganda Securities Exchange, the bank has subsidiaries across the region and is engaged in the provision of banking, insurance agency, investment banking, securities brokerage and information and telecommunications technology outsourcing services.

The bank has expanded its business and customer segments, and extended its operations regionally into Uganda, Tanzania, Rwanda and South Sudan.

Babatunde Soyoye, Managing Partner of Helios, said: “Helios is delighted to introduce Norfund and NorFinance as new, like-minded investors. Norfund and NorFinance share Equity’s core values of partnership, promoting financial inclusion and strong corporate governance. We are proud to have played a role in the bank’s growth and success to date, and look forward to continuing to partner with Equity in the next phase of its development and to support its direct positive impact on the lives of people in the communities within which it operates.”