Business

Ecobank shareholders approve resolutions as Chairman hails improved outlook

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“Ecobank”, parent of the Ecobank Group, the leading pan-African bank with operations in 36 countries across the continent, concluded its 30th Annual General Meeting in Lomé, Togo, today.

Shareholders welcomed Ecobank’s return to profit for the year to 31 December 2017 as they approved all the resolutions at the AGM, which included the ratification of the co-option of Messrs. Monish Dutt, Brian Kennedy and David O’Sullivan as Directors. They are nominees of the International Finance Corporation, Nedbank Group and Qatar National Bank respectively.

The firms Deloitte and Touche, Nigeria and Grant Thornton Côte d’Ivoire were re-appointed as Joint Auditors for a one-year term.

Ecobank Group Chairman Emmanuel Ikazoboh said: “Ecobank enjoyed a return to profitability in 2017 as the strengthening of underwriting and risk management processes began to address our legacy credit issues. There were substantial improvements in the financial performance of our Consumer Bank and Corporate and Investment Bank divisions and the Board is confident that the foundations are now in place to enable the sustainable growth that will create shareholder value throughout Ecobank.”

Ade Ayeyemi, Group Chief Executive of Ecobank Group, said: “Our digitization strategy is rapidly yielding results that are putting Ecobank firmly on its path to becoming the digital bank of choice across its pan-African territories. Additionally, having ‘right-sized’ the business and ‘fixed the basics’, Ecobank is leveraging its inherent strengths as middle Africa’s leading financial platform to the benefit of all its stakeholders as a strong and sustainable bank as it promotes economic development and financial integration across the African continent.”

Famutimi Femi is a writer for theheraldng. He is also a lawyer by trade. His hobbies include reading and writing, he also loves Renaissance art.

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