Ecobank Nigeria secures a 10-Year subordinated N50 billion loan
Ecobank Group’s parent company, Ecobank Transnational Incorporated (“ETI”), has announced that Ecobank Nigeria secured N50 billion, a 10-Year bilateral subordinated loan.
According to a statement signed by the company’s group head of corporate communications, Adenike Laoye, the funds will improve the bank’s balance sheet ratio, from which revenue will be used to support small businesses in the country.
“The bilateral funding provides stable medium-term liquidity to the balance sheet of Ecobank Nigeria and positively improved its balance sheet ratios, especially the capital adequacy ratio by circa 300 basis points. The transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises (“MSMEs”) and Small Corporates,” the statement stated.
Ecobank Transnational Incorporated (ETI) is a public limited liability company that started operations as a bank holding company in 1985 with the objective of occupying the vacuum created by inadequate private commercial banks in West Africa. The bank has since become leading pan-African bank, as it is in operations in 33 African countries in West, Central, East and Southern Africa.
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