AFIG Fund II, a private equity fund managed by Advanced Finance & Investment Group (AFIG Funds), has invested in First Atlantic Bank, a Ghanaian financial institution, subject to regulatory approval.

Papa Madiaw Ndiaye, CEO of AFIG Funds, said: “We are pleased to build a partnership with a bank of this caliber, which has a diversified reach across key segments of the economy. This investment cements the longstanding relationship between both institutions.”

"Our partnership with First Atlantic Bank takes place at an important stage in Ghana’s economic evolution given the new government’s plans and ambitions, particularly in terms of restoring investor confidence," he said.

First Atlantic Bank is a full-service universal bank in Ghana that has been providing a wide range of banking services to corporate and retail clients for over 20 years.

Since its transformation from a merchant bank to a universal bank in 2011, the bank has quickly become one of the more established local banks.

AFIG Funds’ investment in First Atlantic Bank will strengthen the Bank’s capital and accelerate its transition to being a market leader.

Karen Akiwumi-Tanoh, Chairman of the Board of the Bank, 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.

"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.”

Ndiaye added that as an international investor, they pride themselves on timing their investments to ideally coincide with periods of great promise in the target country.

He said they are delighted to partner with reputable institutions like First Atlantic Bank especially at a time when the Bank of Ghana has taken bold steps to strengthen the banking sector.

"We believe that First Atlantic Bank 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, as we have known its MD/CEO, Odun  and other members of the board and management team for many years,” he said.