iBroker Ghana

Shareholders of Ecobank Ghana Limited at an Extraordinary General Meeting on Friday January 20, 2012 approved the

proposed share swap after the acquisition of The Trust Bank Limited by Ecobank Transnational Incorporated. The share swap involved exchange of 17.5 million by ETI in The Trust Bank Limited for 63.1 million new shares of Ecobank Ghana being the same number of shares ETI used in acquiring the 100% stake in TTB.

Other decisions that were ratified at the EGM included the issuance and allotment of new shares as well as the listing of the new shares on the Ghana Stock Exchange.

The transaction has resulted in the composition of a new Board of Directors of The Trust Bank Limited which is chaired by Sam Ashitey Adjei, Managing Director of Ecobank Ghana Limited. The new board also has Emelia Atta-Fynn as the acting Managing Director. Prior to her appointment Emelia who has over 15 years banking experience served as Head of Compliance on the Executive Management Committee of Ecobank Ghana Limited and previously as Country and Regional Treasury.

The combined entity of Ecobank Ghana and The Trust Bank Limited will be the largest bank in Ghana in terms of assets. The new bank will also have the largest ATM network in Ghana as well as 73 branches in its network. CBL Research expects the merged entity to be a dominant market player in terms of deposit mobilization and profitability.

CBL Research