Helios EB Investors II, a wholly-owned subsidiary of Helios Investment Partners, has sold its 2.44% stake in Equity Group Holdings to the National Social Security Fund (NSSF Uganda) at a price of KES 50 ($0.51) per share.

Babatunde Soyoye, Managing Partner of Helios, said: “We are pleased to introduce NSSF Uganda who share Equity Group’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 our support to Equity Group as it extends its mission of positively impacting the communities within which it operates,” he added.

NSSF Uganda is a National Saving Scheme mandated by Government.

Since 2012, the Fund is regulated by the Uganda Retirement Benefits Regulatory Authority while Minister of Finance, Planning and Economic Development is responsible for policy oversight.

NSSF Uganda is a Provident Fund and covers employees in the private sector.

The Fund manages assets worth over UGX 5.2 trn ($1.6bn) invested in fixed income, equities and real estate assets within the East Africa region.

Equity Group is the inclusive banking group in East Africa with over 9 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 East African region and is engaged in the provision of banking, insurance agency, investment banking, securities brokerage and information and telecommunications technology outsourcing services.

Richard Byarugaba, Managing Director of NSSF Uganda, reaffirmed NSSF Uganda’s interest in Equity Group, saying: “The Fund is pleased to become a shareholder in Equity Group, a fast growing financial services institution within East Africa and beyond."

"The investment into Equity Group broadens NSSF Uganda’s investment portfolio in the wider East African region in keeping with the fund’s long term plans to diversity our investments into market-leading companies across various sectors within the region," he said.

Helios’ transaction advisors were Anjarwalla & Khanna Advocates supported by MMAKS Advocates in Uganda.

NSSF Uganda was advised by African Alliance Uganda.