Tagged: International Finance Corporation

Gulf Bank pegs listing plan on IFC exit

Gulf Bank pegs listing plan on IFC exit

<p>Gulf African Bank has tied its public listing plans to the exit of International Finance Corporation (IFC) from its shareholders&rsquo; roll. IFC bought a 15 per cent stake in the bank for $5 million (Sh430 million) last year, which valued it at about $33.33 million (Sh2.86 billion) at the time. Chief executive of Gulf Bank Abdalla Abdulkhalik said IFC plans to exit through a public share sale. The IPO is also expected to raise additional capital for the lender. However, no timeframe has been set. Going by the IFC&rsquo;s investment horizon the public could get a chance to buy into the lender by 2017. IFC&rsquo;s policy is to invest in firms for between five and seven years. Gulf Bank's total assets stood at Sh13.56 billion as at the end of 2012, up from Sh5 billion as at the end of 2008.</p>
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<p><a href="http://www.businessdailyafrica.com/Gulf-Bank-pegs-listing-plan-on-IFC-exit/-/539552/1907882/-/l00qetz/-/index.html" title="http://www.businessdailyafrica.com/Gulf-Bank-pegs-listing-plan-on-IFC-exit/-/539552/1907882/-/l00qetz/-/index.html">http://www.businessdailyafrica.com/Gulf-Bank-pegs-listing-plan-on-IFC-ex…</a></p>
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IFC Acquires 15% Stake In Gulf African Bank For $5m

IFC Acquires 15% Stake In Gulf African Bank For $5m

<p>The International Finance Corporation (IFC) &ndash; the investment arm of the World Bank &ndash; has acquired 15 percent shareholding in Gulf African Bank, Kenya's Islamic bank, for $5 million (Sh425 million). In addition, a further $3 million (Sh255 million) trade guarantee has been opened for Gulf African Bank under IFC&rsquo;s global trade finance programme. Gulf African Bank said it would use IFC&rsquo;s financing to boost finance for retail and corporate customers and develop programmes for women entrepreneurs while also extending services to SMEs. In addition to the IFC partnership, the bank is undertaking a rights issue to increase its capital base by an additional Sh850 million.</p>
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<p><a href="http://www.ventures-africa.com/2013/03/ifc-acquires-15-stake-in-kenyan-islamic-bank-for-5m/" title="http://www.ventures-africa.com/2013/03/ifc-acquires-15-stake-in-kenyan-islamic-bank-for-5m/">http://www.ventures-africa.com/2013/03/ifc-acquires-15-stake-in-kenyan-i…</a></p>
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IFC-BankIslami pact to spur growth

IFC-BankIslami pact to spur growth

BankIslami Pakistan Limited on Tuesday joined the Global Trade Finance Programme, which promotes trade in emerging markets by supporting the flow of goods and services. The programme was established by the International Finance Corporation (IFC), who will support BankIslami’s trade finance business by providing partial or full guarantees for individual trade transactions. Since the trade finance programme’s inception in Pakistan in 2006, IFC has provided more than 3,500 guarantees worth $1.74 billion to financial institutions.

Lacey looks to LeapFrog into Indonesia

Lacey looks to LeapFrog into Indonesia

LeapFrog Investments seems to be searching for opportunities in Indonesia’s Takaful sector.
Several organizations like International Finance Corporation, Soros Fund Management, Flagstone Reinsurance, KfW of Germany and FMO of Netherlands organized the …