Ecobank Transnational Incorporated Resolution Positions Group for Further Growth

23 September 2011
Content from a Premium Partner
Ecobank (Lome)
press release

The Extraordinary General Meeting of Shareholders of Ecobank Transnational Inc. ("Ecobank" or "the Company") was held today at the Eko Hotel and Suites (Jasmine Hall), Adetokumbo Ademola Street, Victoria Island, Lagos, Nigeria.

The General Meeting approved the resolution reaffirming the authorization earlier granted to the Board in 2008 to raise up to US$ 3 billion in equity, debt, quasi equity, Global Depository Receipts (GDR) or a combination of any or all of these as the Board of Directors may deem appropriate and confirmed that this authorization includes the issuance of preference shares and creation of convertible loans to which the Directors may attach such rights as they may deem fit, as full or part consideration for strategic transactions including, but not limited to mergers, acquisitions, combinations, joint ventures and alliances.

The Board Chairman, Mr Kolapo Lawson, expressed his satisfaction at the overwhelming support of the shareholders in approving the resolution and said the resolution positions the group for further growth.

Mr Arnold Ekpe, Group Chief Executive Officer, commented as follows: "The adoption of this resolution reflects shareholders confidence in their institution. This will give the institution the financial flexibility required in developing Ecobank to become one of the leading banks in Africa and provide appropriate return to shareholders."

About Ecobank:

Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent pan-African banking group. It currently has a presence in 32 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d'Ivoire, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, Tanzania, Togo, Uganda, Zambia, Zimbabwe.

The group is also represented in France through its affiliate EBI S.A. in Paris. ETI also has representative office in Dubai, United Arab Emirates and London, UK. ETI is listed on the stock exchanges in Lagos, Accra and the West African Economic and Monetary Union (UEMOA) – the BRVM. The Group is owned by more than 180,000 local and international institutional and individual shareholders. It has 10,000 employees from 35 different countries in over 750 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals. Additional information may be found at www.ecobank.com.

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