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Development Partners International takes stake in Ghana’s CAL Bank

11 May 2012

Sub-Saharan Africa-focused private equity firm Development Partners International (DPI) has bought almost a third of Ghana-based CAL Bank, in a $61.5m deal that will lift the bank’s capital base in line with central bank minimum capital requirements.

The bank raised GHS75m ($40m) through a private placement that was more than twice oversubscribed, including investments from DPI, Proparco of France and the Social Security and National Insurance Trust (SSNIT) of Ghana.

SSNIT will retain its 33.18 per cent stake in CAL Bank whilst DPI and Proparco will acquire 28.97 per cent and 6.86 per cent holdings respectively.

These new investments will raise CAL’s stated capital to GHS100m ($53m) as mandated by the bank’s shareholders at its annual general meeting this year, an amount that exceeds the GHS60m ($32m) minimum capital requirement ahead of the end-of-year deadline.

London-based DPI was founded in 2007 and advises the investment manager of African Development Partners fund, a €270m vehicle that counts UK development finance institution CDC as a limited partner.

Last year the African Venture Capital Association appointed DPI co-founding partner and CEO Runa Alam to the board as a co-chair.

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