Ecobank eyes more acquisitions

Ecobank Group, the largest Pan African banking group, is considering more acquisitions as a way of expanding its footprint in the world, the bank announced last week. The Group’s Chairman Board of Directors, Lawson Kolapo, said at a news conference during the bank’s Annual General Meeting in Togo that this year alone, through their growth strategy, the bank had acquired Oceanic Bank and Trust Bank of Nigeria and Ghana, respectively.For the 12 months ending 2011, the Group announced a surge in profits after tax of US$207 million (Rwf123. 7 billion) reflecting a 57 per cent increase compared to the same period the previous year.“The outstanding performance reflects solid performances from our customer centric business segments, continued efficiency gains and prudent risk management. The results also benefited from two months of consolidation of Oceanic Group, an acquisition that has placed Ecobank in the top tier of banks in Nigeria,” Kolapo noted.For the financial year 2011, Ecobank registered an increase of 33 per cent in total revenues to US$1.2 billion and an increase of 64 per cent to US17.2 billion in total assets.Kolapo said that Ecobank targets to be among the top three banks in the respective countries of operations insisting that they are capable of achieving it.“We are new in East Africa, and are incurring costs of starting up new business but it is showing progress. The Rwandan operation broke-even this year,” he explained.Today, Ecobank is the leading pan-African bank with operations in 35 countries across the continent, with 1,151 branches and offices making it the largest lender in the world by branch network. The Group also has a licensed operation in Paris, France and representative offices in Johannesburg, South Africa, Dubai, United Arab Emirates, and London, United Kingdom.Ecobank Transnational Incorporated (ETI) is listed on the stock exchanges in Lagos, Accra and the West African Economic and Monetary Union (UEMOA) – the BRVM in Abidjan.“We might consider further international cross-listing if there is a possibility and it is approved by the board,” Kolapo observed.

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Ecobank eyes more acquisitions