Ecobank Nigeria

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Ecobank Nigeria
Public Company
NSE: EBN
Industry Financial services
Founded 1986[1]
Headquarters Lagos, Nigeria
Key people
Sonny Kuku
Chairman
Products Loans, savings, investments, debit and credit cards, mortgages
Total assets US$8.1 billion (NGN:1.32 trillion) (2011)
Slogan ...the Pan African Bank
Website Homepage

Ecobank Nigeria Plc, commonly referred to as Ecobank Nigeria, is a commercial bank in Nigeria. It is one of the commercial banks licensed by the Central Bank of Nigeria, the national banking regulator.[2]

Overview[edit]

The bank began operations in 1986. It operates as a universal bank, providing wholesale, retail, corporate, investment and transaction banking services to its customers in the Nigerian market. The bank divides its operations into three major divisions: (a) Retail Banking (b) Wholesale Banking and (c) Treasury & Financial Institutions. The bank also offers capital markets and investment banking services.[3] During the fourth quarter of 2011, Ecobank Nigeria acquired 100% of the shareholding in Oceanic Bank, creating the expanded Ecobank Nigeria Plc.[4] As of December 2011, the expanded Ecobank Nigeria controlled total assets valued at approximately US$8.1 billion (NGN:1.32 trillion), making it one of the five largest banks in Nigeria at the time.[5] At that time the bank had 610 free-standing branches, making it the second-largest bank in the country by branch network.[6]

Ecobank network[edit]

Ecobank Nigeria is a member of Ecobank, the leading independent pan-African bank, headquartered in Lomé, Togo, with affiliates in West, Central and East Africa. Ecobank, which was established in 1985, has grown to a network of over 1,000 branches, employing over 10,000 people, with offices in 32 countries including Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, the Central African Republic, Chad, the Republic of Congo, the Democratic Republic of Congo, Côte d'Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Mali, Malawi, Niger, Nigeria, Rwanda, Sao Tome, Senegal, Sierra Leone, Togo, Uganda, Zambia and Zimbabwe.[7] Ecobank also maintains a banking subsidiary in Paris and representative offices in Johannesburg, Dubai and London.[8]

Parent company[edit]

Ecobank Transnational Inc. (ETI) is the parent company of the Ecobank Group, which includes the following specialized subsidiaries:[9]

  • Ecobank Development Corporation (EDC) – Lomé, Togo
  • EDC Investment Corporation – Abidjan, Ivory Coast
  • EDC Investment Corporation – Douala, Cameroon
  • EDC Securities Limited – Lagos, Nigeria
  • EDC Stockbrokers Limited – Accra, Ghana
  • Ecobank Asset Management – Abidjan, Ivory Coast
  • e-Process International SA – Lomé, Togo
  • ECV Servicios – Praia, Cape Verde

The stock of ETI is traded on three African stock exchanges: the Ghana Stock Exchange (GSE), the Nigerian Stock Exchange (NSE) and the BRVM stock exchange in Abidjan, Ivory Coast.[10]

Branch network[edit]

As of December 2011, the expanded Ecobank Nigeria Plc. is projected to have in excess of 600 branches, in all parts of the Federal Republic of Nigeria, following the merger of Oceanic Bank.[11]

See also[edit]

External links[edit]

.

References[edit]

  1. ^ "Ecobank Nigeria Founded In 1986". BusinessWeek. Retrieved 30 December 2011. 
  2. ^ "List of Licensed Commercial Banks In Nigeria". Cbn.gov.ng. 7 January 1959. Retrieved 30 December 2011. 
  3. ^ "Overview of Ecobank Nigeeria Plc". BusinessWeek. Retrieved 30 December 2011. 
  4. ^ "Ecobank Nigeria Acquires Oceanic Bank". Allafrica.com. 24 December 2011. Retrieved 30 December 2011. 
  5. ^ "Ecobank Nigeria's Total Assets Over NGN:1.32 Trillion". Allafrica.com. 27 December 2011. Retrieved 30 December 2011. 
  6. ^ Ecobank Nigeria With 610 Branches In December 2011
  7. ^ "The Ecobank Network". Ecobank.com. Retrieved 18 June 2012. 
  8. ^ "Ecobank Has Banking Presence In Africa, Europe & The Middle East". Businessdailyafrica.com. 18 June 2012. Retrieved 18 June 2012. 
  9. ^ Ecobank Subsidiaries[dead link]
  10. ^ "Ecobank Shareholding & Investment Matters". Ecobank.com. Retrieved 30 December 2011. 
  11. ^ "Ecobank Nigeria With Over 600 Branches". Allafrica.com. 2 January 2011. Retrieved 30 December 2011.