Ecobank Transnational Incorporated has said that its strategic investments in the last few years will propel its activities in the coming months.

The group, which is the parent company of Ecobank Nigeria Limited, said the recent acquisitions of Oceanic Bank in Nigeria and Trust Bank of Ghana would further deepen its balance sheet going forward.

A statement by the bank on Friday quoted the Chairman, ETI, Mr. Kolapo Lawson, as saying this at its Annual General Meeting held in Lome, Togo on Thursday.

He said, “Our focus has been on the smooth integration of our two major recent acquisitions. The acquisition of Oceanic Bank in Nigeria has propelled Ecobank to become one of the six tier 1 banks in Nigeria altering the competitive landscape in the country.

“With 11 of the 12 integration workstreams completed during 2012, and the technology platforms unified, the group is now well-placed to exploit operational and cost synergies to deliver significant growth from its Nigerian network.”

ETI’s acquisition of the former Oceanic Bank boosted its market share  as at the end 2012 financial year, and the some financial experts had expected that based on the success, ETI might bid for any of the three  bridged banks, Mainstreet Bank Limited, Keystone Bank Limited and Enterprise Bank Limited, which are to be sold by Asset Management Corporation of Nigeria soon.

Lawson, however, ruled out any new acquisition in Nigeria, adding that the group was set to ensure that its investments were sustained and improved upon in the coming years.

“We are not buying new banks. We can grow what we have. It is very challenging integrating new acquisition. We are growing what we have now. We are not interested in new acquisitions now,” he said.

The Group Chief Executive Officer, ETI, Mr. Thierry Tanoh, said the 2012 results were the strongest in Ecobank’s 25 years of operation, assuring stakeholders that the company’s strategy would ensure that it built on this success and continue the progress.

He said, “The two acquisitions have given the company leverage and stronger balance sheet, and in the optimum way, we will do all we can to ensure improved growth in the coming years.

“Going forward, ETI is closely focused on delivering cost efficiencies for the benefit of shareholders and customers, while maintaining high levels of service and innovation.”

ETT’s results for the year ended December 2012, showed that revenue rose by 46 per cent from $1.196bn in 2011 to $1.751bn, while profit after tax grew from $207mm to $287m. Its total equity rose by 49 per cent.

Based on the performance, the company proposed a dividend payment for 2012 of $0.4 cents per ordinary share to its shareholders.

Source: Punch (by Udeme Ekwere)