July 22nd, 2022 at 10:16 am
Ecobank ranks among the top 3 in 15 African countries’
The bank has its official name to be Ecobank Transnational Inc. (ETI). Ecobank is a pan-African bank that has a presence in 36 African countries. When it comes to serving wholesale and retail customers in West and Central Africa, it takes the lead as the independent banking group.
The bank also has subsidiaries in Eastern and Southern Africa. The organization was established in 1985 and has its headquarters in Boulevard du Mono, Lomé, and Togo. At the end of 2021, the pan African group had $1.8bn as revenue and a net profit of $262m. Also, it can boast of 32 million customers and 13,000 employees across the African continent.
PRODUCTS OFFERED BY THE BANK
Some product offered by the bank includes Banking Services, Investments, funds transfers, products and services including pan-African lending, trade services, cash management, internet banking, value-chain finance, treasury services, corporate finance, investment banking, and securities and asset management.
IMPACT OF FOREIGN BANKS WITHDRAWING THEIR OPERATIONS IN AFRICA
According to the Chairman of the ETI Mr. Alain Nkontchou, the international banks that have reduced their operations in Africa are justified by their desire to shift their focus on who their domestic markets are.
There was a redefinition and re-evaluation of the cost of risk, of the ratio between the capital that needed to be set aside and the commitments during the 2008 crisis. Many of these foreign institutions’ returns on capital deployed in Africa were lower because of the risk-weighted assets.
Also, there was increased competition with local banks in both the retail and commercial banking sectors.
In addition, the Chairman noted that Ecobank makes decisions regarding loans within 48 hours for an individual client and within two weeks for a company. All of these factors played a role in the decision to withdraw.
Further, the redefinition of anti-money laundering (AMI) and compliance standards, could not allow these foreign banks to operate because they had a weaker capacity covering local clients and offering capital for a long time.
ECOBANK ADJUDGED TRADE FINANCE IN WEST AFRICA
At the Global Trade Review’s Leaders in Trade awards, Eco bank was named the best Trade finance bank in west Africa. This is because the bank was recognized to be a solution for financing the domestic and regional supply chain across key Trade areas.
Also, the solutions offered by Ecobank led the bank to command significant market share on Letters of Credit across the continent and make influence its Paris-based affiliate.
The award was announced at the Global Trade Review’s annual awards ceremony held in London in May.
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