Home   >   Markets   >   201306   >   ECOBANK shareholders vote for diversity


ECOBANK shareholders vote for diversity
 
Posted on: 24-Jun-2013         Source: myjoyonline.com
 
 
 
Ecobank Transnational Incorporated has secured shareholders approval to ensure that the bank is not taken over by any institution or dominated by one country.

At its Annual General Meeting in Lome, Togo, shareholders gave the board the nod to change Ecobank's article of association to achieve this goal.

The company’s sterling financial performance over the years has seen many institutions move in to acquire a stake in the bank.

Some of the institutions that have so far taken up a substantial holding in Ecobank include: NEDBANK and Public Investment Corporation both from South Africa as well as the private sector arm of the World Bank, International Finance Corporation (IFC).

But speaking to Joy Business in Lome, Group Chief Executive, Henry Tanoh says the move is only to protect the bank's African identity.

Mr. Tonoh however disagrees with arguments that the bank’s share price has in recent times recorded its worst performance since going public in 2009. Ecobank Transnational Incorporated (ETI)’s profits for last year went up by 25 percent to hit 348 million dollars.

The bank as a result of this performance declared a dividend of 4 cents for every share held. But most of the shareholders at the meeting wanted more.