Ecobank already has $2 billion for its African Expansion Fund
Category: Investors NewsBeat
Monday, May 14, 2012 2:33 PM / Proshare Analysts
Further to a recent publication that Ecobank Transnational Inc. may raise $2 billion by June 2013 as it seeks further expansion in the continent; investigations have revealed that this may not be an accurate reportage of events.
Proshare market information research and confirmation indicates that the fund-raising exercise actually started in 2008 and is now drawing to a close as the bank has already raised the $2 billion required.
In 2008, the bank was mandated by its shareholders to raise as much as $3 billion in its bid to become a dominant player in the retail banking markets – what it calls the “middle Africa”.