ADC to invest some USD 400mn in sub-Saharan Africa in two to three years.

By bne IntelliNews September 7, 2012
Germany-based African Development Corporation (ADC) plans to invest about USD 400mn in sub-Saharan Africa's banking sector over the next two to three years, The Herald reported. "Within the next two to three years, we would like our market value in the region to grow to USD 500mn, with investments of at least USD 120mn a year," ADCs chief development officer for Africa, Mark Schneiders was quoted as saying. ADC recently raised its stake in Sub-Saharan African banking group African Banking Corporation Holdings (ABC Holdings) to 50.4% from 23.2%, following ABCs USD 50mn rights issue. ABC Holdings, headquartered in Botswana, is the parent company of a number of sub-Saharan Africa banks, operating under the BancABC brand in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe. ADC has also recently bought a strategic stake in Union Bank of Nigeria. ADC chief executive Dirk Harbecke said the group was planning to boost its stake in its key banking assets.

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