Companies

Milost Global sets stage for buyout season in African banking

by INNOCENT UNAH, Gift Dike

July 26, 2017 | 12:50 am
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Milost Global Inc, an American Private Equity firm that is headquartered in New York, announced on July 21 that it was forming a subsidiary company in Africa, Milost Bank Africa Limited (MBAL). MBAL will be a privately held company that will seek buyout opportunities in the Banking industry in Africa, with a strong focus in ECOWAS and SADC regions.

“MBAL will seek to do outright buyouts of operating banks with the aim of rebranding the same to the MBAL brand,” said a statement released by the PE firm.

According to the statement, Milost Global has appointed Cansi Jabez Lisa, a veteran of the African National Congress (ANC) who has served in senior leadership in the South African local government structures for over two decades as the Chairman of MBAL.

According to reports, the firm seems to have a significant war chest, with more than $25 billion in committed capital devoted for buyouts, but also for alternative capital, mezzanine finance and alternative lending solutions to companies across a wide range of industry sectors around the world.

Egerton Forster, the co-founder & CEO of Milost Global Inc, said that the firm is delighted to be ‘making this move at this juncture’, given the immense opportunities in the world’s second largest continent.

“Africa is an emerging market with an enough room to grow and our intent is to penetrate this market at the current prices with a long-term growth approach,” Foster said. “We also welcome Mr Lisa to the Milost family and we look forward to benefiting a lot from his experience commercially and otherwise.”

Milost Bank Africa Limited Chairman, Cansi Lisa, expressed readiness to lead the vision of the Milost Group to unlock benefits in the banking sector of the African continent.

I am quite exhilarated by this opportunity to lead MBAL on behalf of Milost Global, we are looking forward to actually explore Africa through its resources and the productiveness of its people and in that respect we recognize Africa to be having a great potential to make a significant economic impact in the world, Lisa said, adding that the move is an opportunity for Africa to play crucial role in the global financial services industry.

“From the African continent and integral communities that we will be working with, we would like to build great partnerships, the same will include investment partners and communities that will benefit from our presence,” Lisa said. “As a bank we understand that we can only grow through partnerships and not isolation.”

 

INNOCENT UNAH, Gift Dike


by INNOCENT UNAH, Gift Dike

July 26, 2017 | 12:50 am
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