LOME, Nov 21 (Reuters) - The International Finance Corporation (IFC) has invested $100 million in Ecobank Transnational Inc (ETI), the bank said, making the IFC one of the largest shareholders in the pan-African bank.
The investment stems from a $100 million covertible loan the IFC, the World Bank's private sector arm, granted Ecobank in July 2008 to help it expand its operations in Africa, Ecobank said late on Friday.
Togo-based ETI is the parent company of the Ecobank group, which operates in 31 African countries and is listed in Ghana , Ivory Coast and Nigeria
'This substantial injection of capital is a strong indication of continued investor confidence in ETI,' Arnold Ekpe, chief executive of the Ecobank Group, said in a statement.
Last year, Ecobank raised $150 million in long-term capital from development finance institutions and $566 million in a share and rights issue, which fell short of the $2.5 billion the company had targeted.
The bank's pre-tax profits were $162 million in 2008, down from $191 million the year before.
(Writing by David Lewis; editing by James Jukwey) Keywords: ECOBANK IFC/ (Dakar Newsroom +221 33 8645076) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The investment stems from a $100 million covertible loan the IFC, the World Bank's private sector arm, granted Ecobank in July 2008 to help it expand its operations in Africa, Ecobank said late on Friday.
Togo-based ETI is the parent company of the Ecobank group, which operates in 31 African countries and is listed in Ghana , Ivory Coast and Nigeria
'This substantial injection of capital is a strong indication of continued investor confidence in ETI,' Arnold Ekpe, chief executive of the Ecobank Group, said in a statement.
Last year, Ecobank raised $150 million in long-term capital from development finance institutions and $566 million in a share and rights issue, which fell short of the $2.5 billion the company had targeted.
The bank's pre-tax profits were $162 million in 2008, down from $191 million the year before.
(Writing by David Lewis; editing by James Jukwey) Keywords: ECOBANK IFC/ (Dakar Newsroom +221 33 8645076) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
