Tanzania Hosts Pan-African Banking Group Ecobank Annual General Meeting

Ecobank Transnational Incorporated, the parent company of the Ecobank Group, the leading pan-African bank with operations in 36 countries across the continent, concluded its 27th Annual General Meeting in Dar es Salaam last week.

Shareholders welcomed the company’s strong performance for the year ended 31 December 2014. At the end of the year, Ecobank had USD 24.2 billion in total assets and USD 2.7 billion in total equity.

Shareholders approved the company’s accounts for 2014 and the appropriation of profit of USD 5.82 million for the year. A sum of USD 0.87 million was transferred to special reserves and USD 4.85 million to retained earnings.

The meeting also approved the issue of bonus shares, out of retained earnings, of one  ordinary share for every fifteen ordinary shares held on the closure of the company’s share   register, in accordance with the rules of the stock exchanges on which Ecobank’s shares are   listed.

The new shares issued will rank equally with existing ordinary shares of the company.  

Ecobank Group Chairman Emmanuel Ikazoboh said: “Our accounts for FY 2014 have shown a resurgent Ecobank, which enjoys the confidence of all its stakeholders: shareholders gathered here, customers and its dedicated staff. We can expect similar positive performance for 2015.”

Outgoing Ecobank Group CEO Albert Essien said: “Our diversified pan-African business model continues to serve us well, with encouraging underlying performance in our line of businesses and geographic areas of coverage. We are pleased with our cost efficiency gains, which led to our cost-income ratio improving in 2014 to 65.4 percent from 70.1%.”

Shareholders recognised the invaluable contributions of Essien, who, having reached the company’s mandatory retirement age of 60, retires from the company on June 30 after 25 years of meritorious service. A new successor, Mr Ade Ayeyemi, has been appointed to replace Mr Essien and will assume office on the1st of September, 2015.

Ecobank started operations in Tanzania in January 2010 and has since grown to include 9 branches across the country.