Ecobank shops for $3 billion to finance expansion



The Ecobank Group has concluded plans to open public offer in the various regional stock exchanges where it operates for a total sum of $3 billion, planned for the expansion of its operations in the continent and beyond.



Group managing director, Arnold Ekpe, made this known recently in Accra at the group annual general meeting of the company.



According to Ekpe, the bank would be seeking the relevant regulatory approvals for the offer to be made both locally and internationally in June or July.



The bank, which prides itself as the Pan-African bank, leads in terms of regional branch network in West and Central Africa with operations in 22 countries in the continent, and plans to extend its operations to Asia, Europe and the Americas.



"What we are hoping to raise is an amount of up to $3 billion in debt and equity and this will be used to continue our expansion," Ekpe noted while interacting with journalists in Accra.



As he explained, "the objective of the capital is to finance the continued development of the group and to position ourselves as the leading bank in middle Africa."



"I’m confident, because the value of the group has increased from $300 million to $3 billion, so we are hoping shareholders will display the support they have given us over the years."



The bank plans to list on the London Stock Exchange before the end of the year. The bank, Ekpe explained, also plans to begin operations in New York, Paris, Beijing and Dubai very soon.



According to the group managing director, "our objective is to make Ecobank products and services available to our people in the diaspora and to link our people and businessmen to opportunities in the international arena."



President John Kufuor of Ghana, who commissioned the bank’s state-of-the-art technology centre in Accra, commended the management for their foresight and for contributing significantly to ‘the furthering of the ECOWAS regional integration drive’.



The group’s outstanding commitment in the African continent earlier in the year earned is award as the Best Emerging Market Bank in Cote d’Ivoire. According to a survey conducted by Global Finance Magazine with input from industry analysts, corporate executives and banking consultants, Ecobank’s selection was based on several criteria including growth in assets, profitability, strategic relationships, customer service, competitive pricing and innovative products.



The bank was also voted the Best Overall Bank of the year in 2006 and 2007 in the Ghana banking awards. Commenting on the various recognition the bank has received over time, group chief executive officer, Arnold Ekpe, said the choices confirms its position as a leader in the emerging African banking industry and its long-term commitment to the African continent. - BusinessDay