Ecobank prepares expansion to Angola and Mozambique in 2014

10 December 2013

Pan-African bank, Ecobank Transnational plans to enter the Angolan and Mozambican markets in 2014, the bank’s chief executive told financial news agency Bloomberg in Abidjan, Ivory Coast.

“What we are trying to do is, really, to strengthen our network in Portuguese-speaking countries,” said the CEO, Thierry Tanoh, declining to give further details.

Ecobank, whose shares are listed on three stock exchanges and which has a presence in 35 of a total 55 African countries, already has branches Cabo Verde (Cape Verde), Guinea Bissau and Sao Tome and Principe, and only a representative office in Angola.

The bank plans to “continue with organic expansion,” particularly in West Africa, said Tanoh on the sidelines of a meeting of the African Stock Exchange Association, in Abidjan.

In October, the bank reported profits of US$250 million between January and September, which was a rise of 65 percent whilst it expanded its business in Nigeria and Ghana. (macauhub)