10.05.2010 

 

Ecobank Plc said it has set up a new capital markets and investment banking arm. The bank’s capital market’s services would include deal execution, buy-side advisory and market research, Reuters quoted Ecobank’s Group Chief Executive Officer, Mr. Arnold Ekpe, to have said yesterday. The new venture also trades in 16 African currencies, the bank said.

 

“Our rapid expansion across Middle Africa has necessitated the restructuring of our trade, project and equity finance and syndicated lending businesses,” Ekpe said.He disclosed that the expansion is a reflection of the increasing number of African businesses sourcing goods from Dubai and Middle Eastern companies investing across Africa. 

 

Ecobank is present in 30 African countries and has over 11,000 employees. Its parent company is incorporated in Lome, Togo, and it is listed on stock Exchanges in Lagos, Accra and Abidjan. The Head of Ecobank’s new capital market arm, Mr. Offong Ambah, said that the bank’s regional experience and expertise in foreign exchange, equities, debt and commodities underpins the new activity. 

 

“We can provide our corporate, governmental and institutional clients with an integrated service from a uniquely local perspective,” Reuters quoted Ambah to have said. Last month Ecobank also announced the opening of an office in Dubai, adding to overseas presences in Beijing and Paris.

 

According to Reuters, the banking sector in Africa is witnessing fast growth. “Last month HSBC announced it was in talks to buy up to 70 per cent of South Africa’s Nedbank in a potential $8-billion-plus deal,” Reuters stated.

 

 

Source:ThisDay