CASE STUDIES FROM AFRICA

1989 16. Ecobank Côte d’Ivoire and Nigeria open for business.
1988 17. First Ecobank affiliate opens in Togo.
1986 18. Citibank signs a technical assistance agreement with Ecobank. The technical assistance was
concluded in December 1988.
1985 19. In October, the Government of Togo signs an agreement granting ETI, the parent company of
the Ecobank Group, the status and privileges of a non-resident regional financial institution.
Source: www.ecobank.com/group/ourgrowth.aspx#sthash.lHUhwo5T.dpuf
Table 28 illustrates the extent of Ecobank’s operations across Africa and the significance of
the Nigerian market compared to all other regions.
Table 28: Overview of Ecobank’s Operations by Region (3 rd quarter 2013, US$ millions)
Nigeria UEMOA WAMZ CEMAC EAC SADC
Net interest income 349.0 169.5 172.0 60.6 25.6 22.5
Non-interest income 254.0 137.4 107.1 66.5 24.0 30.5
Total Revenue 603.0 306.9 279.1 127.2 49.7 53.0
Operating expenses (479.6) (202.6) (141.5) (85.9) (52.4) (40.6)
Provisions for impairment (42.0) (29.2) (32.9) (8.1) (1.9) (1.8)
Profit before tax 81.5 75.0 104.9 32.9 (4.6) 10.6
Total assets 9,468 5,505 2,863 2,186 910 504
Loans (net) 3,726 3,381 1,222 1,300 436 252
Deposits 6,753 3,953 2,031 1,817 640 344
Cost/income ratio 79.5% 66% 50.7% 67.6% 106% 77%
Loans/deposit ratio 57.9% 87.7% 63.4% 73.3% 70.6% 78.2%
Nonperforming loans ratio 5.0% 5.0% 6.7% 4.2% 9.2% 6.8%
Source: Extracted from Ecobank Group Investor Presentation, November 2013.
3 rd Quarter 2013 Nigeria UEMOA WAMZ CEMAC EAC SADC Other
Assets split by cluster 43% 25% 13% 10% 4% 1% 4%
Net customer loans by
cluster
35% 32% 12% 12% 4% 2% 2%
Revenue split 41% 21% 19% 9% 3% 4% 3%
Source: Extracted from Ecobank Group Investor Presentation, November 2013.
The Ecobank Group includes the following specialised subsidiaries:
Ecobank Development Corporation (EDC) – Lomé, Togo
EDC Investment Corporation – Abidjan, Côte d’Ivoire
EDC Investment Corporation – Douala, Cameroon
EDC Securities Limited – Lagos, Nigeria
EDC Stockbrokers Limited – Accra, Ghana
Ecobank Asset Management – Abidjan, Côte d’Ivoire
e-Process International SA – Lomé, Togo.
ETI has extensive acquisition experience, having completed 12 acquisitions of financial
institutions in 10 countries across Africa over the last 10 years, including 3 in Nigeria. Table
29 indicates that Ecobank has substantial investments in West, East, and Southern Africa.
Table 29: Ecobank Investments in Selected Foreign Subsidiaries
Ecobank Country Office
Capital Investment
(US$)
Year
Shareholding of Ecobank
Group
1 Ecobank Nigeria $8.1 bn 1986 NA
2 Ecobank Ghana $119 mn 1990 NA
3 Ecobank Uganda $37.3 mn 2009 NA
4 Ecobank Zimbabwe $42.8 mn 2002 62%
Source: Websites of Ecobank’s foreign subsidiaries.
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