DutchNews, March 16, 2017
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| Rabobank’s headquarters in Utrecht. Photo: Depositphotos.com |
Dutch cooperative bank Rabo, which has a broad presence in
the African agricultural sector, has joined new consortium Arise to pool the
interests of its three partners in Africa, the Financieele Dagblad said on
Thursday.
Arise, which now has investments in more than 20 African countries
with a total valuation of $660m, expects to expand its investment portfolio to
€1bn. Rabobank has a 25% stake in Arise. Its partner Dutch development bank FMO
holds 27% and Norway’s Norfund own the remaining shares.
Arise bought a 27.7%
stake in CAL Bank of Ghana for €24m last month. CAL had a balance sheet total
of €737m in mid-2016. The bank booked after-tax profit of €14.3m in the first
six months of last year.
The consortium also bought parts of Ghana-based Crane
Bank for an undisclosed sum at the end of January. Crane was formerly owned by
Ghana’s richest man Sudhir Ruparelia but after irregularities were discovered
it was placed under the protection of the Ghana central bank.
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