Bank of Afrika UK raises $300 million from Indian banks for Africa Finance Corporation

Bank of Afrika UK, a UK-based pan-African investment bank, successfully raised USD 300 million in capital from seven major Indian banks on behalf of the Africa Finance Corporation (AFC), an African solutions provider, according to a press release from BOA.

This transaction was celebrated in Dubai on October 29, in the presence of executives from Bank of Africa UK, Middle East & Asia executives, AFC managers, and representatives from the seven Indian banks: State Bank of India, Canara Bank, Bank of India, UCO Bank, Indian Bank, SBI, and Indian Overseas Bank. The fundraising was oversubscribed by 50%, as stated in the same press release.

Said Adren, Managing Director of Bank of Afrika UK, highlighted the significance of this transaction within AFC's fundraising strategy: «We have always believed in the potential to attract capital to Africa from new regions, such as India. This success paves the way for future capital flows to Africa».

«Indian lenders have very specific requirements, and we are delighted to have been able to bring our expertise to this historic transaction for AFC», added Zineb Tamtaoui, Managing Director of Bank of Afrika - DIFC Branch.