• PCM Capital Partners sold its entire 10.6% stake in First Atlantic Bank following an oversubscribed IPO on the Ghana Stock Exchange.

• The transaction marked the fund’s fourth full exit under its West Africa Emerging Markets Growth Fund.

• Strong demand from pension funds and institutional investors reflected confidence in the bank’s governance and growth outlook.

Investment fund PCM Capital Partners announced late last week that it had fully exited its shareholding in First Atlantic Bank following the bank’s initial public offering on the Ghana Stock Exchange. The fund sold its entire 10.6% equity stake, according to a statement from the asset manager.

The IPO ranked among the largest transactions completed on the Accra exchange over the past seven years. The offering was oversubscribed and attracted strong demand from Ghanaian pension funds, institutional investors, and high-net-worth individuals.

According to PCM Capital Partners, investor appetite reflected confidence in the bank’s financial strength, governance standards, and long-term growth prospects. In its latest financial results published ahead of the IPO, First Atlantic Bank reported expanding operations, with assets of about $1.28 billion as of September 2025 and rising profit before tax, supported by growing deposit mobilisation.

The transaction represented the fourth full exit achieved by PCM Capital Partners, in addition to one partial exit, under WAEMGF, its Mauritius-domiciled maiden fund. The fund invested in seven companies operating across agribusiness, financial services, logistics, hospitality, pharmaceuticals, and downstream hydrocarbons.

PCM Capital Partners made its investment in First Atlantic Bank through AA Global Investments, a Mauritius-based entity controlled by the fund. The manager said the transaction structure, described as a first of its kind in Ghana, created new opportunities for private pension schemes and contributed to deepening the local capital market.

“Our investment thesis aimed to transform First Atlantic Bank into a resilient and well-capitalised commercial bank capable of generating strong interest in public markets,” said Mawuli Ababio, managing partner of PCM Capital Partners, in the statement. He also highlighted the fund’s intention to mobilise more domestic capital to support Ghana’s economy.

Since PCM Capital Partners entered its shareholding, First Atlantic Bank strengthened its capital base, improved risk management frameworks, expanded its product offering, and developed its digital banking services. The bank also widened access to financial services for small and medium-sized enterprises and underserved customer segments, the statement said.

Despite these gains, First Atlantic Bank remains a mid-sized commercial lender in Ghana, with a modest market share of about 4% of deposits. This compares with larger domestic players such as Ecobank, which holds 14.3% of deposits, and GCB Bank, with 13%.

During the listing ceremony, Ghana’s central bank said First Atlantic Bank had joined the group of lenders already listed on the Accra exchange, including Ecobank Ghana, GCB Bank, Standard Chartered Bank Ghana, and Société Générale Ghana.

First Atlantic Bank Chief Executive Officer Odun Odunfa praised what he described as “close cooperation” with PCM Capital Partners over the past decade. He said the partnership helped the bank navigate “difficult periods” and strengthen its growth trajectory.

This article was initially published in French by Fiacre E. Kakpo

Adapted in English by Ange Jason Quenum