Turbulent Times Are Over— ETI CEO

ecobank pix 2The Chief Executive Officer of Ecobank Transnational Incorporated Albert Essien has said the recent boardroom wrang-lings have helped to strengthen corporate governance within the bank group.

Mr. Essien who was speaking when the bank took its turn at the facts behind the figures programme at the Ghana Stock Exchange in Accra yesterday said the board had been refreshed and had the goodwill of stakeholders.

The bank was recently confronted with corporate governance issues leading to the removal of Thierry Tanoh, as the chief executive officer by the board.

Consequently, shareholders at an extraordinary general meeting voted to implement reforms designed to address the issues.

Mr. Essien said strong corporate governance enhances a company’s sustainable business performance, which was in the interest of stakeholders.

“We have re-established our leadership mode and enhance our capital position,” he said.

Mr. Essien said the bank was driving revenue growth amidst ensuring cost efficiency.

The bank in the third quarter of this year recorded a solid revenue growth of 14 per cent year-on-year.

Cost income ratio is showing consistent quarterly improvement, down to 66.6 per cent from 71.2 per cent for the same period last year.

Mr. Essien said the bank had strategically expanded to the middle of Africa because of the huge multi-business opportunities.

He said the middle of Africa was growing at an average of about six per cent, hence the focus of the bank in that area.

He said the bank targets to be among the first three banks in countries which it operates, adding that the bank had what it takes to achieve its target.

Mr. Essien said the bank would further deepen its relationship with the Nedbank of South Africa and Qatar National Bank to promote the cause of the bank.

Laurence Do Rego, Group Executive Director, Finance, who presented the financials of the group said the bank had enhanced its capital position and strong shareholder base.

“Investment of $ 493 million from Nedbank, becoming a 20 per cent shareholder has deepen our long-standing alliance,” she said.

By David Adadevoh

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