Sierra Leone-based Leone Asset Management Ltd., formerly known as Sloud, has signed an MOU to acquire Guinea Investment Bank of Guinea in West Africa.

The firm said it intends to complete all final due diligence and finalize the purchase within the next 60 days.

Company officials said in a statement that through the deal, they intend to change the name of GIB to JP Anderson to continue the branding and the expansion of Leone Asset’s subsidiary JP Anderson in West Africa. JP Anderson, headquartered in Freetown, Sierra Leone, is a licensed broker dealer specializing in securities and investment management.

“Currently, GIB is the only company to own an investment banking licence in the Republic of Guinea,” said Tony Khodadad, president of Leone Ltd.

“The country has roughly 12 million people and is experiencing a tremendous amount of internal growth as well as attracting interest from foreign corporations and investors, and the need for an investment bank is key to the overall development of the country and its industries. 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.

Leone Asset Management is a US corporation headquartered in Panama City Beach, FL. Its Sierra Leone subsidiary, Leone Asset Management Ltd., provides financial advice on individual wealth management, mergers, acquisitions, restructurings, financing, real estate and development, and capital raises to a global client base.