Milost Global, an American private equity firm headquartered in New York, has announced the formation of a subsidiary company in Africa, Milost Bank Africa Limited (MBAL).

MBAL, a privately held company, will seek buyout opportunities in the banking industry in Africa with a strong focus in ECOWAS and SADC regions. 

MBAL will seek to do outright buyouts of operating banks with the aim of rebranding the same to the MBAL brand. 

Milost has also appointed Cansi Jabez Lisa as the Chairman of MBAL. 

Mr Lisa is a veteran of the African National Congress (ANC), who has served in senior leadership in the South African local government structures for over two decades.

Egerton Forster, Co-founder & CEO of Milost Global, said "We are delighted to be making this move at this juncture. Africa is an emerging market with an enough room to grow and our intent is to penetrate this market at the current prices with a long-term growth approach. We also welcome Mr Lisa to the Milost family and we look forward to benefiting a lot from his experience commercially and otherwise."

Lisa stated: "I am quite exhilarated by this opportunity to lead MBAL on behalf of Milost Global, we are looking forward to actually explore Africa through its resources and the productiveness of its people and in that respect we recognize Africa to be having a great potential to make a significant economic impact in the world.” 

“We live in a global world and Africa should play part in that. From the African continent and integral communities that we will be working with, we would like to build great partnerships, the same will include investment partners and communities that will benefit from our presence. As a bank we understand that we can only grow through partnerships and not isolation,” he said.