The transaction is part of a larger $850 million fundraising exercise by the bank to increase its Tier 1 capital with the funds earmarked for various growth initiatives.
Intercontinental Bank’s performance, potential and leadership in a sector that is rapidly growing presented the right opportunity for us as investors. We are excited to be one of the first international private equity investors in the Nigerian banking industry, and look forward to continue expanding our presence in Africa, said Andre Steyn, a director of AIG Investments.
While the deal will support Intercontinental Bank’s expansion strategy in and outside of Nigeria, the transaction will further solidify AIG Investments’s commitment to Africa.
