Ghana: PCM Capital Partners exits First Atlantic Bank via oversubscribed IPO
PCM Capital Partners has announced a full exit from First Atlantic Bank.
PCM Capital Partners (PCP) has announced a full exit from First Atlantic Bank (FAB), via an IPO on the Ghana Stock Exchange (GSE). This transaction brings PCP’s portfolio exits to four (as well as one partial exit), further reinforcing PCP’s track record of realising liquidity events out of its maiden fund the West Africa Emerging Markets Growth Fund (WAEMGF).
The Mauritius-domiciled fund invested in seven portfolio companies in sectors such as agribusiness, pharmaceuticals, leasing, logistics, hospitality and downstream oil and gas. The Fund’s investment in the bank was via AA Global Investments (AAGIL), a Mauritius-incorporated special purpose vehicle controlled by the fund.
The transaction, representing one of the most significant listings on the GSE in the last seven years, attracted an oversubscribed demand from Ghanaian pension fund schemes, institutional investors and HNWIs. The investor response reflects a vote of confidence in the bank’s asset quality, governance framework, digital transformation strategy and long-term profitability outlook. The transaction structure, the first of its kind, has provided an alternative for pension fund scheme investments and also paves the way for viable Ghanaian businesses to raise capital from the private pension fund industry. Ultimately, this enhances the local bourse and deepens Ghana’s capital markets.
Commenting on the transaction, Mawuli Ababio, PCP’s managing partner said, “Our investment thesis centred on transforming FAB into a resilient, well-capitalised commercial bank capable of commanding strong public-market interest. The successful listing demonstrates our interest in mobilising local capital into businesses driving key sectors of the Ghanaian economy. We are proud to have been part of FAB’s growth journey and such a monumental transaction.”
Since PCP’s investment, the bank has further reinforced its capital base, enhanced its risk management systems, broadened its product suite, built robust digital banking channels and extended financial inclusion to the underserved retail and SME segments. These initiatives have repositioned the bank for sustainable growth in Ghana and an eventual expansion into the sub-region.
Commenting on the transaction, Odun Odunfa, MD/CEO of First Atlantic Bank PLC said, “Over the last 10 years we have enjoyed excellent cooperation with the team from AAGIL and the PCP team in particular, despite some difficult and challenging times. They have supported us every step on our journey so far and have been an invaluable partner given their thorough understanding of the local economy.”