Ecobank Transnational Incorporated (ETI), raised a total $550 million from a $ 2.5 billion hybrid rights issue and public offer, launched in August last year. The bank which has a subsidiary in Kigali said that shareholding also increased from 7,633 subscribers to more than 140,000 subscribers and that the company raised $150 million during the year in long-term loans from leading international development finance agencies.
Ecobank Transnational Incorporated (ETI), raised a total $550 million from a $ 2.5 billion hybrid rights issue and public offer, launched in August last year.
The bank which has a subsidiary in Kigali said that shareholding also increased from 7,633 subscribers to more than 140,000 subscribers and that the company raised $150 million during the year in long-term loans from leading international development finance agencies.
According to a release by the bank, the money was raised in the three West African stock markets. They include the Ghana Stock Exchange, the Nigerian Stock Exchange, and the Bourse des Valeurs Mobilières Régionales (BRVM)—a bourse for West African Economic and Monetary Union (UEMOA) countries.
Ecobank has presence in 25 African countries and the money also came from other markets across Africa where the local regulation permits.
Ecobank has just entered into a strategic business co-operation relationship with the Nedbank Group, one of South Africa’s leading banks and ETI have entered into.
The move will provide customers access to a combined pan - African banking network covering 30 countries (including South Africa) with over 1 000 branches and banking outlets across the continent.
A statement released recently quotes, ETI’s Group Chief Executive Officer Arnold Ekpe saying that, "The process has been a rather long but good case study for all three markets, which welcomed the opportunity to work with ETI on this landmark issue. It was also consistent with Ecobank’s mission, to promote financial integration across Africa.”
Richard Uku, ETI’s Group Head of Brand and Communication also pointed out that, "the offer coincided with crisis in global financial markets as well as the general decline in the Nigerian stock market.”
"Against this backdrop, the offer was largely subscribed by African investors,” the statement said.
The bank said that international investors were, understandably, not able to subscribe to the offer because of the international stock market situation, to which many were exposed.
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