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Business > Money Market
Ecobank acquires Banco ProCredit, commences trading in Mozambique
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By Ebenezer Ademola
June 7, 2014 14:48:03pm GMT      |      Views: 1071

WorldStage Newsonline-- Ecobank Transnational Incorporated and ProCredit Holding have announced that they concluded negotiations for the acquisition of the 96 per cent stake in Banco ProCredit Mozambique previously held by ProCredit Holding and the DOEN Foundation.

According to a statement filed at the Nigerian Stock Exchange, the transaction had received the approval of the regulatory authorities in Mozambique and the bank had started trading as Ecobank Mozambique, effective from May 20th 2014.

Speaking on behalf of PCH, Helen Alexander confirmed that the negotiations were held in a frank and transparent manner and that the transaction has been concluded to the satisfaction of both parties. She asserted: “We are pleased to have concluded this transaction and are confident that we are leaving the bank in the hands of a very capable partner. Ecobank is well positioned to implement a growth strategy that will offer excellent prospects for our clients, our staff and for the Mozambique market as a whole.”

Evelyne Tall, Ecobank’s Group Chief Operating Officer, re-affirmed that Ecobank would build rapidly on the excellent foundation laid by ProCredit Holding to transform the Bank into a major player in the local financial services market. “Our entry into Mozambique brings the number of African countries in which Ecobank has a presence to 36,” she commented. “Having completed the acquisition, we are now beginning the integration of systems, people and clients into the Ecobank network. This will ensure that ProCredit Mozambique’s customers have access to the entire suite of products that Ecobank has to offer.”

Albert Essien, Ecobank’s Group CEO, reiterated the importance of Mozambique to Ecobank’s strategy in the Southern African Development Community (‘SADC’). “Mozambique holds a key strategic position within the SADC, providing port access for all the landlocked member countries,” he observed. “Our overall objective is to advance financial inclusion for the people of Mozambique, providing them with accessible, convenient and reliable banking services, as well as leveraging regional trade corridors to facilitate cross-border transactions.”

Meanwhile, Ecobank Transnational Incorporated has notified the Nigerian Stock Exchange that its twenty-sixth Annual General Meeting and an Extra-Ordinary General Meeting have been scheduled to hold at the Conference Centre, the Ecobank Pan-Africa Centre, 2365 Boulevard du Mono, Lome, Togo, on Monday, 30th June 2014 to transact business which include, Annual General Meeting; Approval of the Accounts; Retirement of Directors; Election of Directors; Ratification of the Co-option of a Director; Re-appointment of the Joint Auditors.

There would also be Extra-Ordinary General Meeting for the amendments of the company’s Articles of Association.

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