Ecobank Sees Deposit Growth of at Least 20%, Tanoh Says

Ecobank Transnational Inc. (ETIT)’s deposits will increase by at least 20 percent this year as Africa’s growing economy attracts more customers, Chief Executive Officer Thierry Tanoh said.

Revenue is expected to climb 15 percent this year and at the same rate in 2014 and 2015, he told reporters in Abidjan, Ivory Coast’s commercial capital, today.

“No sector in Africa, maybe except the mobile-phone sector, has reached a plateau so far, especially not the banking sector,” he said. “The growth of GDP, the low banking rate and the need to increase the trade between African countries mean huge potential growth.”

Sub-Saharan Africa’s economy is forecast to expand 5.8 percent this year, outpacing a global rate of 3.5 percent, according to the International Monetary Fund. The growth is enough to keep Ecobank “focusing on Africa,” Tanoh said.

“We don’t plan to open units in northern Africa or in South Africa, or outside Africa,” he said.

Ecobank’s shares rose less than 0.1 percent to 13.81 naira by 2:25 p.m. in Lagos. The stock was unchanged at 16 pesewas in the Ghanaian capital, Accra, and was flat at 42 CFA francs on the West African bourse in Abidjan.

To contact the reporter on this story: Olivier Monnier in Abidjan at omonnier@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net

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