ECOBANK GROUP UNVEILS VISION FOR AFRICA
…adopts US$3bn as equity capital
By Stephen Odoi-Larbi & Masahudu Ankiilu Kunateh

The Pan African bank, Ecobank with operations in 22 countries across the African continent has announced the adoption and approval of US$3 billion equity capital by its shareholders, making it one of the best banks with increased share capital on the continent.
An amount of US$2.5 billion would be raised out of the US$3 billion through rights issues to afford majority of the citizenry on the continent to be part owners of the bank.
The Group Chief Executive Officer of Ecobank Group, Arnold Ekpe announced this in Accra when the bank took its turn at the ‘facts behind the figures’ forum organized by the Ghana Stock Exchange.
He stated that the purpose of the additional equity is to maximize the opportunity for Africa investments, adding that part of it would be used to invest in technology.
Mr. Ekpe hinted that the Ecobank Group delivered another sterling performance in 2007, after registering double digit growth on almost all fronts.
The group’s ‘Profit Before Tax’ was up by 47% to US$ 191 million, whilst its ‘Profit After Tax was also robust, recording a growth of 61% to US$ 139 million.
Similarly, profit attributable to shareholders rose by 55% to US$107 million, resulting in earning per share growth of 44% to eight cents per share.
Total assets for the group stood at US$6.6 billion in 2007 as against US$3.5 billion in the preceding year (2006), recording a growth of 87%.
The CEO was quick to add that special attention was paid to developing their network including branches, cash points, Western Union sales points and alliance sales points, saying “the number of branches and offices increased to 450 from the previous year’s of 305.”
According to him, the effective utilization of branch network and the direct sales agents across the country resulted in increased customer numbers to 1.2million, representing a growth of 96%.
Customer base also experienced growth with deposits of US$4.7billion compared to US$2.5billion in 2006, registering an 89% growth.
In a related development, the Group Chairman, Mr. Mande Sidibe at the bank’s Annual General Meeting (AGM) held in Accra noted that all proposals made by the bank during the meeting were adopted and approved by the shareholders, thereby given the group a new hope to pursue its expansion drive globally.
“All the proposals were adopted and this AGM is one of the most peaceful one ever held by the group in recent times”, he noted.
He intimated that there was no geographical restrictions on the adopted share capital but wished that the opportunity created by the group would enable all Africans to mobilize themselves to be part owners of the growing bank.
Mr. Sidibe added that the group’s funding of the African airline project was on course and would never shy away from it.
“The funding of the establishment of the airline project is still on course. Ecobank has been participated in the funding project and it is really following its stride”, Mr. Mande Sidibe indicated.