Business
IFC Invests $100m Equity In ETI
International Finance Corporation (IFC) the private sector arm of the World Bank Group, has invested $100 million in equity in Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group. The investment makes IFC one of the leading shareholders in ETI.
This investment is part of ETI’s ongoing capital raising, continued from 2008 when the company raised US $150 million in long- term capital from a number of development of Finance Institutions, including IFC and FMO, the Netherlands Development Finance Company. The investment stems from a $100 million convertible loan that Ecobank secured from IFC in July 2008 in support of US growth and diversification strategy in Sub-Saharan Africa.
“This substantial injection of capital is a strong indication of continued investors’ confidence in ETI”, says Arnold Ekpe, Chief Executive of Ecobank Group.
Incorporated in Lome, Togo, ETI is the parent company of the leading independent of the regional banking group in Africa. It currently has a subsidiaries and offices in 31 countries.
ETI is listed in the stock exchange in Lagos, Accra and the Bourse Regional desualeurs mobilieres (BRUM) in Abidjan. The Group is owned by more than 180,000 Local and international institutional and individual shareholders. It has over 11.000 employees from 29 different countries in over 700 branches-Ecobank is a full- service bank providing wholesales, retail investment and transaction banking service and products to government financial institutions, multinationals international organisations, medium small and micro business and individuals.
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