Private equity firm PCM Capital Partners (PCP) has successfully completed a full exit from First Atlantic Bank PLC (FAB) following the bank’s listing on the Ghana Stock Exchange (GSE), in what has been described as one of the most significant public market transactions in Ghana in the past seven years.
The transaction brings PCP’s total portfolio exits to four full exits and one partial exit, reinforcing the firm’s growing track record of delivering liquidity events from its maiden fund, the West Africa Emerging Markets Growth Fund (WAEMGF).
The Mauritius-domiciled fund has invested in seven portfolio companies across strategic sectors, including agribusiness, pharmaceuticals, leasing, logistics, hospitality, and downstream oil and gas.
PCP’s investment in First Atlantic Bank was made through AA Global Investments Limited (AAGIL), a Mauritius-incorporated special purpose vehicle controlled by the Fund.
The IPO attracted oversubscribed demand from Ghanaian pension fund schemes, institutional investors and high-net-worth individuals, reflecting strong confidence in First Atlantic Bank’s fundamentals and future growth prospects.
Market observers attribute the strong response to the bank’s asset quality, governance framework, digital transformation agenda and long-term profitability outlook.
The innovative structure of the transaction—described as the first of its kind—has also created an alternative investment route for pension fund schemes, while opening new capital-raising opportunities for viable Ghanaian businesses.
Analysts say the deal not only strengthens the local bourse but also contributes to the deepening of Ghana’s capital markets, particularly through increased participation by domestic institutional investors.
Commenting on the transaction, Managing Partner of PCM Capital Partners, Mawuli Ababio, said the successful listing validates the firm’s investment strategy and long-term vision.
“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,” he said.
Since PCP’s investment, First Atlantic Bank has strengthened its capital base, enhanced its risk management systems, expanded its product offering, and invested significantly in robust digital banking channels.
The Bank has also extended financial inclusion to underserved retail customers and small and medium-sized enterprises (SMEs).
These initiatives, according to the company, have repositioned the bank for sustainable growth in Ghana while laying the groundwork for future expansion into the sub-region.
For First Atlantic Bank, the IPO marks the culmination of a decade-long partnership with PCP and AAGIL.
Managing Director and Chief Executive Officer of First Atlantic Bank PLC, Odun Odunfa, praised the collaboration and support provided by the private equity firm.
“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,” he said.
The successful exit is widely viewed as a positive signal for private equity investments and exits in Ghana, highlighting the increasing maturity of the country’s financial markets and the growing role of local capital in supporting long-term economic growth.
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