The International Finance Corporation (IFC) has injected about N14.85 billion (US$100 million) in Ecobank Transnational Incorporated (ETI).
The injection represents equity investment in the bank, making the IFC one of the majority shareholders in the Pan-African bank, the parent company of the Ecobank Group.
According to a statement by the bank, the investment is part of ETIâ€™s ongoing capital raising exercise, continued from 2008, when the company raised N81.68 billion (US$550 million) in equity from an Initial Public Offer (IPO) and N22.28 billion (US$150 million) in long-term capital from a number of development finance institutions, including IFC and FMO, the Netherlands Development Finance Company.
The statement quoted Mr. Arnold Ekpe, Chief Executive of the Ecobank Group as saying that the investment stems from a US$100 million convertible loan that Ecobank secured from IFC in July 2008 to support its growth and diversification strategy in sub-Saharan Africa.
He said, â€œThis substantial injection of capital is a strong indication of continued investor confidence in ETI.â€