Pan-African Ecobank group plans to raise USD 2bn by 2013 for African expansion.

By bne IntelliNews May 15, 2012
Pan-African banking group Ecobank Transnational Incorporated (ETI), which has over 1,100 branches in 32 African countries, is considering raising USD 2bn by June 2013 in a bid to back a further expansion in the continent, Bloomberg reported. Ecobanks chairman Kolapo Lawson told Bloomberg that the group aims to enter Angola this year and it will move very fast, as soon as it is granted a licence in the country. He added that an acquisition in East Africa is also possible and mentioned South Sudan and Mozambique as potential markets to enter. South Africas Public Investment Corporation (PIC), which invests on behalf of the Government Employees Pension Fund (GEPF), agreed last month to buy 19.58% in ETI for USD 250mn, in a deal that will bolster Ecobanks tier one capital and further enhance its ability to grow its business across the African continent. Incorporated in Togo, ETI is also represented in France through its affiliate EBI in Paris and has representative offices in Dubai and London.

Related Articles

South Africas Exxaro mulls firing striking coal miners.

South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more

South Africas Telkom says there is no decision to lay off 13,000 employees.

South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more

BP, Masana Petroleum Solutions sell LPG business in South Africa.

Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss