Ecobank

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Ecobank Transnational Inc.
TypePublic Company
GSE: ETI
NSE: ETIT
BRVM: ETI
IndustryFinancial Services
Founded1985
Headquarters2365, Boulevard du Mono, B.P.3261, Lomé, Togo[1]
Key peopleKolapo Lawson
Chairman
Thierry Tanoh
Group CEO[2]
ProductsBanking Services, Investments, Funds Transfer, Products and Services including pan-African Lending, Trade Services, Cash Management, Internet Banking, Value-chain Finance, Treasury Services, Corporate Finance, Investment Banking and Securities and Asset Management
RevenueIncrease US$ 1.751 million (2012)[3]
Total assetsUS$ 20.0 billion (2012)
Employees18,698 (2013)
WebsiteHomepage
 
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Ecobank Transnational Inc.
TypePublic Company
GSE: ETI
NSE: ETIT
BRVM: ETI
IndustryFinancial Services
Founded1985
Headquarters2365, Boulevard du Mono, B.P.3261, Lomé, Togo[1]
Key peopleKolapo Lawson
Chairman
Thierry Tanoh
Group CEO[2]
ProductsBanking Services, Investments, Funds Transfer, Products and Services including pan-African Lending, Trade Services, Cash Management, Internet Banking, Value-chain Finance, Treasury Services, Corporate Finance, Investment Banking and Securities and Asset Management
RevenueIncrease US$ 1.751 million (2012)[3]
Total assetsUS$ 20.0 billion (2012)
Employees18,698 (2013)
WebsiteHomepage

Ecobank, whose official name is Ecobank Transnational Inc. (ETI), but is also known as Ecobank Transnational, is a pan-African banking conglomerate, with banking operations in 33 African countries. It is the leading independent regional banking group in West Africa and Central Africa, serving wholesale and retail customers. It also maintains subsidiaries in Eastern Africa, as well as in Southern Africa. ETI has representative offices in Angola, China, Dubai, France, South Africa and the United Kingdom.

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Overview[edit]

ETI is a large financial services provider with offices in 37 countries around the world, and presence in 33 sub-Saharan countries. As of December 2012, ETI's customer base was estimated at 8.4 million, with 9.6 million (70.2%), located in Nigeria, the continent's most populous nation. At that time, the group's total assets were valued at US$20.0 billion, with shareholders' equity of US$2.009 billion. ETI's branch network numbered 1,251, with 1,981 networked ATMs. The bank had 18,698 employees, in 37 countries, in Africa, Asia and Europe, at the end of May 2013.

Group network[edit]

As of December 2012, Ecobank Transnational had banking operations in 33 countries in Africa, with representative offices in Angola, Beijing, Dubai, South Africa and the United Kingdom:[4]

Ecobank Global Presence In 2011

Ecobank Transnational has operational bank subsidiaries in the following countries, as of November 2012:

Africa

Outside Africa

History[edit]

ETI, a public limited liability company, was established as a bank holding company in 1985 under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry, with the support of the Economic Community of West African States (ECOWAS). In the early 1980s the banking industry in West Africa was dominated by foreign and state-owned banks. There were hardly any commercial banks in West Africa owned and managed by the African private sector. ETI was founded with the objective of filling this vacuum.

The Federation of West African Chambers of Commerce promoted and initiated a project for the creation of a private regional banking institution in West Africa. In 1984, Ecopromotions S.A. was incorporated. Its founding shareholders raised the seed capital for the feasibility studies and the promotional activities leading to the creation of ETI.

In October 1985, ETI was incorporated with an authorised capital of US$100 million. The initial paid up capital of US$32 million was raised from over 1,500 individuals and institutions from West African countries. The largest shareholder was the ECOWAS Fund for Cooperation, Compensation and Development (ECOWAS Fund), the development finance arm of ECOWAS. A Headquarters’ Agreement was signed with the government of Togo in 1985 which granted ETI the status of an international organisation with the rights and privileges necessary for it to operate as a regional institution, including the status of a non-resident financial institution.

ETI has two specialised subsidiaries: Ecobank Development Corporation (EDC) and eProcess International (eProcess). EDC was incorporated with a broad mandate to develop Ecobank’s investment banking and advisory businesses throughout the countries where Ecobank operates. EDC operates brokerage houses on all 3 stock exchanges in West Africa and has obtained licences to operate on the two stock exchanges in Central Africa: the Douala Stock Exchange in Cameroon and the Libreville Exchange in Gabon. The mandate of eProcess is to manage the Group’s information technology function with a view to ultimately centralising the Group’s middle and back office operations to improve efficiency, service standards and reduce costs.[8]|

Subsidiaries[edit]

The Specialized subsidiary companies of Ecobank include the following: [9]

The Ecobank Nedbank alliance[edit]

With more than 1,500 branches in 35 countries, the Ecobank-Nedbank Alliance is the largest banking network in Africa. The alliance was formed in 2008 between the Ecobank Group and the Nedbank Group, one of South Africa's four largest financial services providers, with a growing footprint of operations across the Southern African Development Community. [10]

Ownership[edit]

The shares of Ecobank Transnational Inc., the parent company of Ecobank, are traded on three West African stock exchanges, namely: the Ghana Stock Exchange (GSE), the Nigeria Stock Exchange (NSE) and the BRVM stock exchange in Abidjan, Ivory Coast. [11] The ten (10) largest institutional shareholders in Ecobank are listed in the table below: [12]

Ten Largest Institutional Shareholders of Ecobank
RankShareholderPercentage Ownership
1STD NOMS TVL PTY LTD/RENAISSANCE DIRECT INVST18.69
2Ecowas Bank for Investment & Development (BIDC)6.21
3Social Security and National Insurance Trust (SSNIT)5.53
4Interlink Securities Limited4.86
5AFRICA INVST SUB 1 LTD4.41
6Bourse Regionale des Valeurs Mobilieres (BRVM)4.20
7IICMG SEC (STRUCTURED)3.36
8Blakeney Group III Limited2.61
9GLG/HSBC-TRADING2.36
10Metropolitan Trust Nigeria Limited1.72

See also[edit]

External links[edit]

References[edit]