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Premier Bank to Change Name to Ecobank, Newsday Reports

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Jan. 10 (Bloomberg) -- 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 blatham@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

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