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Ecobank May Shut Down 70 Branches Nationwide - Business (2) - Nairaland

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Re: Ecobank May Shut Down 70 Branches Nationwide by ruffhandu: 10:45am On Apr 28, 2017
Due to losses kwa?
Re: Ecobank May Shut Down 70 Branches Nationwide by Viking007(m): 10:45am On Apr 28, 2017
Lalaonpoint:
how safe is the next bank that you're moving too?
Access bank? Very reliable, with active customer care services.
Re: Ecobank May Shut Down 70 Branches Nationwide by EaglesT(m): 10:46am On Apr 28, 2017
They should not forget to shut OAU branch.. very useless branch!

2 Likes

Re: Ecobank May Shut Down 70 Branches Nationwide by OLANIYI1985: 10:46am On Apr 28, 2017
Stelvin101:
Jesuuuu! My wife's savings is in Ecobank o. I just hope it's not what I am thinking. Nigeria keeps deteriorating everyday. What's really going on?
what is going on is buhari administration, making people loose hope and very bad economy.
Re: Ecobank May Shut Down 70 Branches Nationwide by apollo13(m): 10:48am On Apr 28, 2017
Lalaonpoint:
pNo one is sacking but optimizing them to other branches to serve you better.
Lets see how it goes, optimization Indeed.

2 Likes

Re: Ecobank May Shut Down 70 Branches Nationwide by kingwill2050(m): 10:48am On Apr 28, 2017
My organization used style to move the salary account to another bank. Na so all man move their cash too. Na mobile transfer I use wipe everything. They can use the remaining 400h
Re: Ecobank May Shut Down 70 Branches Nationwide by curvilicious: 10:48am On Apr 28, 2017
More unemployment. Well, i no kuku get bank work.
70branches ×20 staffs =140unwmployed
Assuming there are only 20staffs/branch o

1 Like

Re: Ecobank May Shut Down 70 Branches Nationwide by kpaofame: 10:49am On Apr 28, 2017
no wonder dem alter my bio data come refuse give me my money....na to find time go fight collect that money oo...
Re: Ecobank May Shut Down 70 Branches Nationwide by wink2015(m): 10:50am On Apr 28, 2017
Most banks in Nigeria ( quite a majority of them in Nigeria ) are fake! they are fakers and pretender!

They put up a false profile to the public showcasing themselves to be successful and then present well and goodlooking staff especially the ladies to the public but they are dying within.

They have been living on the fake money, looted money from politicians all this years.

Now that Buhari has blocked access to the looting of BIG MONEY from government coffers the bank are now at the crossroad. Their only survival avenue is now to closed down branches.

Banks are supposed to be the gateway to the Nigerian economy.

How many Nigerian bank can really fund capital project in Nigeria.

The bank themselves refuse to help starters and all this young business entrepreneur on the ground that they do not have collateral to present.

3 Likes 1 Share

Re: Ecobank May Shut Down 70 Branches Nationwide by Nobody: 10:52am On Apr 28, 2017
OLANIYI1985:

what is going on is buhari administration, making people loose hope and very bad economy.

A question we all know the answers to.
Re: Ecobank May Shut Down 70 Branches Nationwide by nkwuocha: 10:56am On Apr 28, 2017
And the failed contraption continues to sink..... grin grin.
Re: Ecobank May Shut Down 70 Branches Nationwide by KaptainAfrika: 11:00am On Apr 28, 2017
When I was a student I opened an account in the then "OCEANIC BANK" now known as "ECOBANK" na so my money enter voicemail.

I made the same mistake, and opened an account in "ECOBANK" after doing all the necessary documentation, oya give me atm card, internet banking - another voicemail.

Why wont they close branches. ECOBANK THE VOICEMAIL BANK.

1 Like

Re: Ecobank May Shut Down 70 Branches Nationwide by buffalowings: 11:08am On Apr 28, 2017
Somebody tell me that the mutual funds I subscribed to with this bank is safe




Should I sell it shocked
Re: Ecobank May Shut Down 70 Branches Nationwide by tobaseye: 11:08am On Apr 28, 2017
axglide:
They say awoof no dey run belle, but this one go run belle.

To swallow Oceanic Bank no be moimoi.

Ecobank inherited so many Oceanic Bank Branches.


Was about to say that too. They took more than what they can chew. The way and manner mergers and acquisition is being done in Nigeria brings a lot of questions to mind.

Still waiting to hear from Access bank too..... How they managed to acquire Intercontinental banks still dey baffle me till date.

Force marriage doesn't last long!

2 Likes

Re: Ecobank May Shut Down 70 Branches Nationwide by Oyinda32(m): 11:11am On Apr 28, 2017
Lalaonpoint:
No one is sacking but optimizing them to other branches to serve you better.




I hope that's the intention. Thanks for clarifying.
Re: Ecobank May Shut Down 70 Branches Nationwide by openmyway: 11:13am On Apr 28, 2017
This is bad news

1 Like

Re: Ecobank May Shut Down 70 Branches Nationwide by dammybabanla: 11:16am On Apr 28, 2017
Viking007:
I've been trying to close my accounts with them for 3wks+ now. Them no gree. undecided
Lol na by force? One chance!
Re: Ecobank May Shut Down 70 Branches Nationwide by franzis(m): 11:23am On Apr 28, 2017
It's already started,merging 2-3 branches into one
Re: Ecobank May Shut Down 70 Branches Nationwide by tomayira(f): 11:25am On Apr 28, 2017
Get a plan B and stay financial strong against all odds. Call me on 08037798195 and get started, its not a ponzi scheme, its helping hands international. Touching lives, Empowering people!
Re: Ecobank May Shut Down 70 Branches Nationwide by mechanics(m): 11:34am On Apr 28, 2017
Stelvin101:
Jesuuuu! My wife's savings is in Ecobank o. I just hope it's not what I am thinking. Nigeria keeps deteriorating everyday. What's really going on?
lol, calm down, the bank is not going out of business, I guess they want to reduce the number of branches in states that are not meeting up to expectation.
Re: Ecobank May Shut Down 70 Branches Nationwide by Cleopatra4(f): 11:35am On Apr 28, 2017
ROBO1722:
THE BANK IS GOOD TO GO.
CUSTOMER BANKERS RELATIONSHIP IS ZERO, SO HOW DO THEY INTEND TO MAKE PROFIT WHEN THEIR CUSTOMERS ARE LEAVING THEM FOR LACK OF COMMITMENT?
OCEANIC WAS FAR BETTER, ECO IS A FAILED BANK FROM THE ON-SET
Thank you! Deposit Na wahala, withdraw too problem.

1 Like

Re: Ecobank May Shut Down 70 Branches Nationwide by adeoba2008(m): 11:37am On Apr 28, 2017
When some of their branches are bigger than two Zenith bank branches
Re: Ecobank May Shut Down 70 Branches Nationwide by crowntoro(f): 11:42am On Apr 28, 2017
This is Job loss.. May God help Nigeria
Saw it this morning too that Sterling Bank sacks or is about to sack 200 staffs
But what is happening? This is getting serious

2 Likes 1 Share

Re: Ecobank May Shut Down 70 Branches Nationwide by Ceede: 11:43am On Apr 28, 2017
metromediaboss:
Ecobank Nigeria PLC, a local unit of Ecobank Transnational Incorporated might be shutting about 79 of its branches across Nigeria.

The bank has not confirmed nor denied the reports, however, there are serious challenges facing the pan-African lender.

In its recently released full year result for 2016, Ecobank said impairment losses on financial assets which rose by 111% to NGN221 billion compared to NGN105 billion.

The deterioration in its loan books shows that the bank is suffering from the same problem confronting many other banks in Nigeria.

The lingering impairment pile up has increased Ecobank’s total liabilities to NGN5,7 trillion compared to NGN4,1 trillion disclosed in 2015. Total asset at the end of the year also rose by 33% to NGN6,2 trillion compared to NGN4,6 trillion disclosed last year.

Read more at http://www.metronaija.com/2017/04/ecobank-may-shut-down-70-branches.html

cc: lalasticlala mynd44

chaii bankruptcy spotted they want to render pple jobless again
Re: Ecobank May Shut Down 70 Branches Nationwide by Kobicove(m): 11:47am On Apr 28, 2017
Lalaonpoint:
No one is sacking but optimizing them to other branches to serve you better.

Is that what you think will really happen? undecided
Re: Ecobank May Shut Down 70 Branches Nationwide by cutedharmee: 11:58am On Apr 28, 2017
Thank God I no longer use ecobank as my salary account. OYO
Re: Ecobank May Shut Down 70 Branches Nationwide by fxid10(m): 12:21pm On Apr 28, 2017
Just when I was thinking of opening my personal branch of Eco Bank. Ah! Ahhh! Ahhhhhh!Just when I was thinking of opening my personal branch of Eco Bank. Ah! Ahhh! Ahhhhhh!Just when I was thinking of opening my personal branch of Eco Bank. Ah! Ahhh! Ahhhhhh!
Re: Ecobank May Shut Down 70 Branches Nationwide by God4memi: 12:35pm On Apr 28, 2017
ECOBANK IS A FAILURE FROM THE TIME THEY TOOK OVER A BANK BIGGER, BETTER,STRONGER WITH GOOD BUILDING,EXCELLENT CUSTOMERS SERVICE(OCEANIC BANK)THAN THEM

THEY SWALLOW FISH WEY BIG PASS THEM NOW THE FISH DON HOOK THEM FOR THROAT

IS IT EASY, AWOOF WEY DEY RUN BELLE

ECOBANK WORST CUSTOMERS SERVICE BANK

2 Likes

Re: Ecobank May Shut Down 70 Branches Nationwide by henocherry18: 12:45pm On Apr 28, 2017
Stelvin101:
Jesuuuu! My wife's savings is in Ecobank o. I just hope it's not what I am thinking. Nigeria keeps deteriorating everyday. What's really going on?
Closing down some of their branches may not really be the solution. They should overhaul the management of the bank. After all how many branches do they have in the country

1 Like

Re: Ecobank May Shut Down 70 Branches Nationwide by aniyphil: 12:47pm On Apr 28, 2017
. . .time to move that cash ! cool

Re: Ecobank May Shut Down 70 Branches Nationwide by Najwal: 1:11pm On Apr 28, 2017
You Mean They Failed With Flying Colors undecided ummm I only use their ATM
Re: Ecobank May Shut Down 70 Branches Nationwide by PoliticalWatch: 1:30pm On Apr 28, 2017
For the spare parts seller here on Nairaland,when you don't understand something you ask questions.Optimization means they will collapses the closed branches into the nearest ones,especially where they are paying high rents and relocate the staffs to other branches where there is shortage of human resources to enable better service delivery.
Some branches are on the same street or building due to the merger with old Oceanic Bank,besides electronic banking is what they are aiming at and not all these one,people that have not bath for days will come and be queuing up to withdraw 500 Naira like we find in Diamond Bank, First Bank & Wema Bank of the Afonjas.
Ecobank have said they want to use their 2016 profit after tax to clean or reduce their loan impaired losses from the days of Oceanic Bank,which is good for the bank instead of rolling over the losses and continue to declare paper profits like UBA,GTB,Zenith etc.They have simply made provisions for toxic asset,only informed people will know this and not all this Amala & ewedu dealers in isale Eko or Chinedu selling okirika sandals in Vespa.

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