Actis exits GHL Bank
Actis has exited its majority stake in GHL Bank, a full-scale commercial bank in Ghana, to First National Bank Ghana, a 100% subsidiary of FirstRand Group. Actis took over the investment in 2019 when it took over the management of Abraaj Africa Fund III.
The transaction has received the required regulatory approvals from the Bank of Ghana and the South African Reserve Bank.
The fund invested in GHL Bank in 2016, and enabled the company to leverage its unique value proposition as the leading mortgage provider in Ghana to achieve the transition into a full-scale commercial bank focused on the retail sector. The original investment thesis was premised on GHL’s robust mortgage model, deep knowledge of the retail customer and the significant growth opportunities that exist within this segment of the Ghanaian banking industry.