Ecobank Transnational Incorporated (ETI), the parent company of the ECOBANK Group, is to raise $300 million (N38.4billion) from the capital markets to finance its pan African growth and enhance its technology platform.
The decision was approved by an Extraordinary General Meeting (EGM) of the Group which took place in Lome, Republic of Togo , on recently.
Besides, the general meeting also approved a split of the Company\'s shares and the amendment of its Articles of Association to better protect its shareholders in view of the triple listing of the Group shares on the three stock exchanges in West Africa, namely the Abidjan-based BRVM, the Ghana Stock Exchange and the Nigerian Stock-Exchange.
The share split is aimed at enhancing liquidity in the company\'s shares and making the shares more accessible to the majority of the African population in line with the founding ideals of the ECOBANK Group.
The amendment of the Company\'s Articles of Association will provide a harmonized framework for the protection of ETI shareholders (including small shareholders) on the three exchanges on which the Company\'s shares are currently listed. This is also in conformity with the Company\'s objective of diversifying its shareholding structure.
Since its multiple listing cotation on these exchanges, on September 11th, 2006, the ETI shares have been subject to three different types of regulations. It was therefore necessary to adopt appropriate provisions to protect the shareholders in line with the regulations of the stock exchanges as well as those of the banking and financial institutions.
Present at the ceremony were top officials of ECOBANK Group, many African shareholders, both individual and corporate, as well as international shareholders. Among the major international shareholders represented were Blakeney Management, Renaissance Capital, Kingdom Zephyr and Emerging Market Partners.
Following the adoption in June 2006 of its new strategic vision, the ECOBANK Group is now determined to transform itself from a regional banking group to a pan African group. \"In spite of its international dimension, including the opening up of its capital to international shareholders, ECOBANK remains focused on Africa \", said Mande Sidibe, President of the ECOBANK Group. \"ECOBANK will continue to be true to its mission of supporting Africa \'s economic and financial development\".
Now operating in 16 African countries, the Group is pursuing further geographical expansion into Central, Eastern and Southern Africa . It is also planning to establish operations in various international financial centers in Europe, Asia and America .
The ECOBANK Group is currently the leading regional African banking group. It employs 6000 persons in over 300 branches and offices. The group offers banking products and services to individuals, companies, governments, and non-governmental organisations, multinationals and financial institutions.- Guardian