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.

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