The following statement seeks to clarify enquiries received following recent media reports that the Ecobank Group may be closing some of its subsidiaries that are not profitable.
"Ecobank is currently reviewing its business model to ensure that it deploys products that are profitable in the countries where it operates. In so doing, we may decide to exit certain products from some markets, and may also close one or more branches in some countries in favour of technology. However, this does not in any way translate to the planned closure of any of our subsidiaries. "The closure of any Ecobank subsidiary would require a thorough situation analysis and approval by the Board of Directors and shareholders of Ecobank, and no such closures are envisaged at this time. As the largest pan-African banking institution, we remain committed to our existing network of countries."
Group Head, Corporate Communications & Spokesperson for the Group CEO Ecobank Transnational Incorporated
2365, Boulevard du Mono Lomé, Togo
Tél.: +228 22 21 03 03
Incorporated in Lomé, Togo, Ecobank Transnational Incorporated ('ETI') is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d'Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe.
The Group employs over 20,000 people in 40 different countries in over 1,200 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 organisations, medium, small and micro businesses and individuals. Additional information on Ecobank can be found at Ecobank.com