Ecobank gets top award

ceremony held in London last week.
The banking group, with a presence in 32 African countries, has got operations in Zimbabwe, after acquiring 70 percent of Premier Finance Group last year.
In its evaluation, Euromoney highlighted Ecobank’s unparalleled reach in Africa and its role in providing the banking infrastructure for Africa’s growing middle class and in facilitating banking transactions across the continent for companies and individuals alike.
The annual Euromoney Awards for Excellence, now in their 20th year, continue to be among the most respected awards in the financial services industry.
All the awards have one central theme, they recognise institutions and individuals that demonstrate leadership, innovation, and momentum in the markets in which they excel.
Commenting on the group’s achievement, Mr Arnold Ekpe, Ecobank’s CEO, said: “Our vision has always been to provide world-class banking services, while also enhancing the financial integration of Africa.
“While this accolade comes as a gratifying acknowledgement of the group’s significant progress to date, we are mindful of the need to remain focused on improving our services and financial performance.
“We are grateful for the continued support of our clients, shareholders and employees, without whom this achievement would not have been possible,” he said.
Ecobank also has an affiliate in Paris and representative offices in Dubai, Johannesburg, London and Luanda.
ETI is listed on the stock exchanges in Lagos, Accra and the West African Economic and Monetary Union – the BRVM.
The group has over 10 000 employees from 35 different countries with over 750 branches.
Premier Bank has already rebranded to Ecobank and efforts are underway to convert its merchant banking licence into a commercial banking licence.
The licence conversion has been lodged with the Reserve Bank of Zimbabwe.
Significant progress has been made in transforming Premier Bank into a fully fledged Ecobank subsidiary, starting with staff training and harmonisation of systems and procedures,” he said.
Before the takeover by Ecobank, Premier’s business model was corporate, private and investment banking.
Ecobank’s shareholders funds are estimated around US$1,1 billion and total assets of about US$9,1 billion.
Ecobank is coming on a market that is currently sitting on US$2,6 billion in deposits and management said the bank stands ready to provide the Zimbabwean subsidiary with adequate financial and human capital to ensure that the bank return to profitability.
Ecobank is expected to leverage on its existence in 30 African countries to source funding for the Zimbabwean market faced with liquidity challenges.