Ecobank now in 22 countries

Friday Ekeoba and Omolara Olukoya, Lagos - 20.02.2008

Ecobank Transnational Incorporated now has presence in 22 African countries following the opening of two new subsidiaries in Malawi and Congo-Brazzaville.

Announcing the new subsidiaries, Ecobank’s Group Chief Executive Officer, Arnold Ekpe, said this was a signal to the management’s commitment to bring Ecobank to the citizens of target countries, while opening up the group to meet the challenges of globalisation.

“We remain committed to our African roots and to Africa ’s development,” he said, adding that the new subsidiary in Pointe Noire, Congo-Brazzaville is Ecobank’s fifth affiliate in Central Africa and represents an important step toward the bank’s objective of covering the whole region.

He said the bank’s acquisition of a majority interest in Loita Bank, Malawi , a subsidiary of Loita Capital Partners International, significantly extended the Ecobank’s Group’s reach to southern Africa markets.

Loita Bank Limited has been a longstanding provider of financial services, specialising in structured finance and trade finance services in Malawi .

According to Mr. Ekpe, expanding to Malawi was in line with the bank’s overall objective to expand its operations across Middle Africa, maintaining that with its entry into Malawi, the group was determined to develop Ecobank Malawi into a leading and profitable bank that will play its role in the economic development of that country.