ETI To Promote Indo-African Trade

Photo copyright Eric Miller / World Economic Forum 2008 Africa Summit, Cape Town, 3 - 6 June 2008 Thierry TanohEcobank Transnational Incorporated is taking steps to increase its participation in the changing parterns of global trade, including south-south economic integration and cooperation.

The Pan-African Bank has signed a memorandum of understanding with the ICICI Bank, India’s largest bank, with a view to combining the bank’s expertise and strengthening of ETI’s local expertise to support Indo-African business.

Speaking at the 25th annual general meeting here, Mr. Thierry Tanoh, Chief Executive Officer, ETI said the move was important strategically, given the rising number of Indian corporate entering African markets and the growth of Indo-African trade and investment in sectors such as oil and gas, petrochemicals among others.

“We also entered into a cooperation agreement with Banco Espirito, Portugal’s third largest commercial bank, to capitalise on the trade and investment opportunities that are opening up between Portugal and Africa,” he said.

At the AGM shareholders gave the board the go ahead to change Ecobank’s article of association to achieve this goal.
ETI’s excellent financial performance over the years has attracted scores of institutions to move in to acquire a stake in the bank.

Some of the institutions that have so far taken up a substantial holding in Ecobank include: NEDBANK and Public Investment Corporation both from South Africa as well as the private sector arm of the World Bank, International Finance Corporation (IFC).

Mr. Tanoh said the bank intends to protect its African identity; hence, the bank sought the shareholders approval on the article of association.

ETI’s profit after tax stood at $287 million, up 39 per cent from the prior year,  basic earnings per share stood at 1.70 $ cents compared with 1.76 $ cents in the prior year, cost-to-income ratio and return on average equity improved each quarter of 2012.

The Board proposed a dividend of 0.4 $ cents per ordinary share in respect of 2012. Record total assets of $20 billion, up $2.8 billion, or 16 per cent from the prior the year.

Customer loans of $9.4 billion, up $2.1 billion, or 28 per cent from the prior the year. Customer deposits of $14.6 billion, up $2.5 billion, or 21 per cent from the prior year.

Tier 1 capital under Basel 1 increased $708 million to $2.0 billion, with Tier 1 capital ratio of 15.2 per cent. – David Adadevoh,
Lome, Togo

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