Ecobank Transnational Incorporated (ETI) is set to expand its branch network to Democratic Republic of Congo (DRC), Gabon, Kenya and Burundi before the end of the year as part of its strategy of becoming truly a pan African bank, according to the Bank Group’s Chief Executive Officer, Mr. Arnold Ekpe.
“By the end of 2008, Ecobank will be in 30 countries in Africa. Our mission is to build a world class African Bank, contribute to the economy and financial development of Africa. Our commitment to Nigeria and all the places we have a presence is total,” Ekpe told stockbrokers and other investing public during the presentation of the bank ‘Facts Behind the Figures’ here.
Established in 1985 with its subsidiary in Togo in 1988, ETI, with an asset base of US$7.4 billion, has strong presence in all West Africa countries and representative branches in East, Central and Southern Africa.
ETI is the only firm with its shares simultaneously listed on the Ghana, Nigeria and the West Africa Regional Bourse in Abidjan, Cote’Ívoire.
Based on its listing on the Nigerian Stock Exchange (NSE), its market capitalisation of US$3 billion is regarded by market operators as one of the highest.
“We bring Africa to the financial limelight through our international presence across the world. Ecobank represent the future of Africa,” Ekpe said
“We have been delivering to our shareholders at 20% return on investments over the past five years. We have the same standard, policy and technology across all our branches,” the ETI boss added.
As part of its strategies to become one of the top three banks in Nigeria through its Nigerian subsidiary – Ecobank Nigeria Plc – it has acquired two failed banks and in the process of getting more.
It has also done the same in Rwanda and Chad.
Last week it opened a new share service centre in Accra, Ghana, with another two set to be opened in Lagos, Nigeria and Lome, Togo.
The bank said about US$40 million had been set aside for the project.