US-based Leone Asset Management has signed an MOU to acquire the equity and managerial control of The Guinea Investment Bank (GIB).

Leone Asset plans to complete all final due diligence and complete the acquisition within 60 days.

As a part of the deal, the company plans to change the name of GIB to JP Anderson so as to continue the branding and the expansion of Leone Asset’s subsidiary JP Anderson throughout West Africa.

Tony Khodadad, president of Leone Asset Management, said: "Currently, GIB is the only company to own an investment banking license in the Republic of Guinea. The country has roughly 12 million people and is experiencing good internal growth as well as attracting interest from foreign corporations and investors.

"The build out of the newly licensed entity will be a key component to our expansion of JP Anderson offices throughout West Africa," Khodadad added.

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