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Ecobank Transnational Incorporated (ETI) has in line with the Group’s overall expansion strategy increased it presence in African countries to thirty. This is as a result of the commissioning of Ecobank Tanzania on January 19, 2010 and thus made Tanzania the 29th country in which the Pan-African Bank has a presence.

The opening of a representative office in South Africa by ETI made it the 30th country representation for the Group. The new office in South Africa is to serve the ever growing client base of the Bank who have businesses in the country. It will also be responsible for reaching out to corporate bodies seeking to extend their operations to the rest of the continent.

In a related development, the bank has announced that it has signed a co-operation agreement with the Bank of China which is China’s leading international bank. Under the agreement, there will be China desk in one or more of ETI’s subsidiaries. The subsidiaries will host several Bank of China staff who will be assisting Bank of China customers in Africa.

Another success chalked by the Group recently is the receiving of a US$6 million from Bill & Melinda Gates Foundation to encourage low-cost savings accounts in rural and poor societies of Africa. The project will begin on a 3-year pilot basis in Ghana and Liberia. The grant is from the foundation’s Financial Services for the Poor Initiative.



CBL Research