Abraaj Unloads African Bank Stake In 2nd Sale This Week

Law360, New York (July 31, 2013, 12:06 PM EDT) -- Dubai-based private equity house Abraaj Group has sold its stake in Ghana lender HFC Bank Ltd. to independent Caribbean lender Republic Bank Ltd., its second major exit this week, Abraaj announced Wednesday.

Abraaj, which initially bought into HFC in 2010, said it was able to capitalize on the rapid growth of the banking sector in Ghana. While controlled by Abraaj, HFC increased its customer deposits by 155 percent to 312 million Ghanaian cedis ($149.8 million) and grew its loan and advances to customers by 106 percent...
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