Ecobank Transnational Incorporated (“Ecobank Group”), the only banking group with a presence in 32 African countries, has further strengthened its international operations by opening a London branch which will act as the UK Representative Office of EBI SA, Ecobank’s French subsidiary.
Dele Babade, Group Executive of Ecobank Capital, made the announcement as he addressed an audience of senior executives from multinational companies and financial institutions attending the prestigious 2011 African Business Awards in London on Sunday.
The London Representative Office is the latest addition to Ecobank’s international distribution platform (which includes an affiliate in Paris and offices in Dubai and Johannesburg) and the Group plans to open offices in New York and Beijing soon. Both Ecobank Capital and Ecobank Corporate
Banking, the Group’s international wholesale banking arm focused on trade finance, payments and transfers, foreign exchange and correspondent banking, will be represented in London.
Ecobank aims to capitalise on operational synergies and cross-selling opportunities between its corporate banking, treasury and investment banking businesses.
By combining Ecobank’s expertise and reach in local/regional deal origination and issuance in Africa with access to international investors, the Group will act as an intermediary across the full value chain.
Going forward, Ecobank will provide multinationals, commercial banks, asset managers, hedge funds,Development finance institutions, private equity firms and investment banking boutiques with a wide range of African-focused services.
Commenting on the London office opening last night, Dele Babade, Group Executive, Ecobank Capital, said: “Arguably, the long-term investment case for Africa now is stronger than it ever has been, with foreign direct investment in the Continent forecast to reach USD150 billion by 2015.
newcomers to Africa and established players alike, Ecobank, given its unrivalled footprint in 32 African countries, its considerable finance and investment experience and the breadth of its service offerings, can be an invaluable corporate advisor and long-term business partner.”