13 July, 2010
The Bank has notified The Exchange that it has signed landmark agreements of US$175 million in senior convertible, senior non-convertible and subordinated loans with the IFC, a member of World Bank Group in Washington, Dc on June 29, 2010.
These loans are to provide eighteen Ecobank subsidiaries with additional capital to strengthen their balance sheets and boost competitiveness. It will also allow ETI to continue to positively contribute to the African economy by increasing the levels of credit available to businesses and households and at the same time generate long-term value for its shareholders.
The investment from IFC will strengthen Ecobank’s capital base and enable the bank to consolidate and expand its operations and translate its new scale and footprint into value for its customers.