Africa-focused private equity firm Development Partners International (DPI) has sold its 27.7 percent stake in Ghana-listed CAL Bank to Arise, a financial services investment company backed by major shareholders are development finance institutions Norfund and FMO and financial services group Rabobank. DPI originally invested in CAL Bank in 2012 through African Development Partners I. The sale is expected to be completed in February 2017. Financial details of the transaction were not disclosed.