Premier Finance Group, a Zimbabwean lender, said its commercial lending unit will change its name to Ecobank during the current quarter, Newsday reported.
The name change follows Lagos-based Ecobank Plc’s acquisition of 70 percent of Premier in September 2010, Newsday said on its website, citing George Manyere, Premier’s executive director. Germany’s Africa Development Corp., which invested $6 million in Premier last year, will retain a 16 percent holding in the newly structured Premier Finance Co., the Harare-based newspaper said.
To contact the reporter on this story: Brian Latham in Durban at email@example.com.
To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at firstname.lastname@example.org.