Breaking News
Translate

Ecobank Transnational AGM approves dividend increase

Shareholders of Ecobank Transnational Incorporation (ETI), the parent company of the Ecobank Group, will receive a 50% increase in dividend payments this year following a resolution approved by the group’s Annual General Meeting in Kenya on 11th  June 2010.

Addressing shareholders the Group Chairman, Mr. Kolapo Lawson said: “We are very pleased to be holding our Annual Meeting in Nairobi. As you may all be aware, Ecobank is not only the leading pan-African bank with a presence in more countries in Africa than any other bank in the world, but is currently the only bank that is present in all the countries of the EastAfrica Economic Community.

As a pan-African bank,we have shareholders from over 30 African countries, including Kenya, and it is our intention, over time to hold our AGM in the various regions in which we are present.”Outlining Ecobank’s performance in 2009 Group Chief Executive Arnold Ekpe said: “Depreciation in major currencies, start-up costs for newly established subsidiaries, restructuring costs for newly acquired subsidiaries and impairment provisions in some of our major countries had affected the results.”

Furthermore, Mr Ekpe said the overall slowdown in African economies during the year arising from the global economic and financial crisis, had also been a factor in the group’s financial results.  In 2009, Ecobank achieved revenues of US$873 million, total assets over US$9 billion, and profit after tax of US$65 million. The group operates in 30 countries and has 750 branches and offices.

The board informed shareholders that Ecobank’s geographical expansion phase is now coming to an end and that the focus in 2010 going forward will be on consolidating and optimizing operations and leveraging the platform the group has built over the years.

Turning to the reorganization of the group along three business lines (a portfolio of domestic banking businesses; a pan-African corporate banking unit and a treasury, investment banking and asset management unit) Mr Ekpe said the reorganization would enhance efficiency and provide a more customer focused operating structure. To further maintain and consolidate its position Ecobank has made arrangement to raise additional capital during the year.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.