Arise B.V, a USD 660 million investment firm, is now the largest shareholder in Kenya based financial services conglomerate Equity Group with a 12% stake worth approximately Sh 18 Billion.
Arise B.V, which began operations from 1 January 2017 is owned by Norfund, Dutch banking giant Rabobank and Dutch development bank FMO.
The three partners recently agreed to pool together the stakes they currently hold in several financial service providers (FSPs) in Sub-Saharan Africa and place them under one company, Arise Limited. In exchange, the partners would get stakes in Arise.
“We are excited by the expanded opportunities this development presents, to combine our market leading position with Arise, who bring along their substantial resources as well as expertise, which we believe will be invaluable in accelerating the growth of our business.” James Mwangi was quoted by one the local media houses.
Commenting on the deal, Arise CEO Deepak Malik noted, “Having pioneered agency banking on the continent the Equity Group has an established track record, characterised by high growth and a solid financial performance and we are pleased to partner with them to advance the local banking sector”