As part of efforts aimed at expanding the operations and competitive edge of Ecobank Transnational Incorporated, the bank’s management has concluded plans to open new subsidiaries in Tanzania and Zambia.
Speaking at the presentation of the bank’s facts behind the figures on the floor of the Nigerian Stock Exchange on Thursday, the Managing Director, Mr Arnold Ekpe, said the new subsidiaries would bring the number of subsidiaries of the bank to 29 across Africa. This is an addition to the existing 11,000 staff, and 2.2million customer base the bank has currently.
He said the bank’s strategy was to grow its subsidiaries across Africa, while also enhancing efficiency its operations by deploying the best software in the world.
On the bank’s operations in the last financial year, Ekpe said several factors affected its operations, which included economic meltdown and rapid geographical expansion.
These, he said, impacted on operational expenses, investment in information technology, and the yet to be harmonised regulatory environment among the countries where the bank’s stock was listed.
Going forward, Ekpe said the bank’s capital adequacy ratio was now 25 per cent and that it that was growing at 45 per cent per annum in dollar terms.
He added that the bank was streamlining its expenses, while improving its risk style, which reduced its operational expenses
Speaking at the occasion, the Assistant Director-General of the NSE, Mr. Musa Elakama, commended the bank for its attitude of coming to give the facts on its operations to the operators regularly.
On what is happening in the market now, Elakama said the stock market was recycling now and investors were taking profit, adding that it was normal with stock markets worldwide to experience a rise and fall of indices from time to time.