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Last 20.10 NGN
Change Today -0.80 / -3.83%
Volume 635.0K
ETI On Other Exchanges
As of 9:30 AM 04/21/15 All times are local (Market data is delayed by at least 15 minutes).

ecobank transnational inc (ETI) Snapshot

Previous Close
Day High
Day Low
52 Week High
04/20/15 - 20.90
52 Week Low
05/5/14 - 12.40
Market Cap
Average Volume 10 Days
Shares Outstanding
Dividend Yield

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ecobank transnational inc (ETI) Details

Ecobank Transnational Incorporated, through its subsidiaries, provides retail, wholesale, investment, and transactional banking services to governments, financial institutions, multinationals, local companies, SMEs, and individuals in Africa. It offers current accounts, savings accounts, business accounts, and term deposits. The company also provides car, motor bike, and three wheelers loans; home loans; and personal loans to finance needs, such as rent payment, asset and equipment acquisition, salary advance, personal problems, and funerals, as well as business loans, micro finance, and short and medium term financing. In addition, it offers import and export services, as well as trade finance facilities; debit and credit cards; ATMs, SMS banking, Internet banking, foreign exchange, and money transfer services; cash management solutions; and supply chain finance comprising receivables based financing, trade loans, inventory/warehouse finance, and other options. Further, the company provides treasury services; investment banking services, including commodity/trade finance, debt issuance for corporates and governments, equity offerings, mergers and acquisition advisory and funding, project finance, syndicated lending, and securities brokerage; asset management services, such as fund management and advisory services to individual and institutional clients; and research services comprising commodity, equity, currency and fixed income research, economic analysis, and product-specific analysis. As of December 31, 2013, it operated a network of 1,284 branches and offices; 2,314 ATMs; and approximately 10,000 POS terminals. Ecobank Transnational Incorporated was founded in 1985 and is headquartered in Lomé, Togo.

ecobank transnational inc (ETI) Top Compensated Officers

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ecobank transnational inc (ETI) Key Developments

Ecobank Transnational Incorporated Signs USD 50 Million Senior Unsecured Loan Facility

Ecobank Transnational Incorporated (ETI) signed a one-year senior unsecured loan facility of USD 50 million arranged by Deutsche Bank AG. The facility will be used for general corporate purposes. ETI successfully raised a USD 200 million loan facility from Deutsche Bank in December 2014. This new USD 50 million loan facility brings total funding arranged by Deutsche Bank to USD 250 million. Altogether, in the last six months, Ecobank has raised approximately USD 1 billion in combined equity and debt capital for its parent company and its businesses in Nigeria, the large of the group's affiliates.

Orange and Ecobank Launch Money Transfer Service Between Orange Money Accounts and Bank Accounts in Africa

Orange and Ecobank have rolled out a service that will enable Orange Money subscribers who also have bank accounts with Ecobank to transfer money between their respective accounts. The partnership aims to facilitate money transfers for both Ecobank and Orange customers by offering them the possibility of topping up their Orange Money e-wallet from their bank account, and vice versa. Customers can use their mobile phones to securely transfer money at any time without the need to go to a distribution point or to have physical cash. The two companies have launched the service following the signature of a memorandum of understanding. The partnership comes as part of a joint strategy to enhance mobile financial services and to increase access to banking services across Africa. With Orange Money, customers can transfer money from their mobile phones to any other customer in the country and, in some countries, internationally. They can also pay their water, electricity and television bills and top up their telephone airtime remotely. Depending on the country, they may also benefit from savings and insurance solutions.

Ecobank Transnational Corporation to Appeal Ruling of Commercial Court of Abidjan

The Commercial Court of Abidjan ruled on January 15, 2015 that Dr. Daniel Matjila, a director of Ecobank Transnational Corporation (ETI) and Chief Executive Officer of Public Investment Corporation of South Africa (PIC), along with PIC and ETI are jointly liable for defamation against Mr. Thierry Tanoh, a former Group CEO of ETI. The court ordered that the three parties jointly and severally pay Mr. Tanoh $15 million. ETI is taking immediate steps to exercise its right to appeal against the decisions by the Commercial Court of Abidjan and to apply for a stay of execution of its decisions. In February 2014, when Mr. Tanoh was Ecobank Group CEO, a number of ETI directors convened a special board meeting to discuss certain developments. These included a directive of the Securities and Exchange Commission of Nigeria for ETI to reverse certain decisions that Mr. Tanoh had taken in contravention of the Commission's earlier directives and the call by the whole of Ecobank Group's executive management for Mr. Tanoh to step down. Dr. Matjila wrote a letter to board members on the March 1, 2014, stating various reasons why Mr. Tanoh should be removed as Group CEO. Mr. Tanoh sued Dr. Matjila, PIC and ETI jointly for defamation in the Commercial Court of Abidjan. In doing so, he used an Ivorian civil procedure rule that allows action to be taken in the courts of Cote d'Ivoire in certain circumstances when the defendants are not resident in that country. ETI had raised objection to the jurisdiction of the Commercial Court of Abidjan, first as this was a civil and not a commercial case. This court, as its name implies, hears commercial cases. ETI also argued that the case should be heard in Togo, the domicile of ETI, or in the courts of England as provided for in Mr. Tanoh's employment contract. The Commercial Court of Abidjan proceeded with the case on a technicality, notwithstanding the fact that ETI had raised the objection to the jurisdiction at the right time. ETI's position is that the Commercial Court of Abidjan does not have the jurisdictional right to rule on this matter, and its decision is totally unfounded. ETI believes that this sets a very dangerous precedent of law in several respects, as 2 well as for the business environment in Cote d'Ivoire. The only reason that Mr. Tanoh gave for initiating the action in Cote d'Ivoire is that he is an Ivorian national. Quite separate from the Abidjan case, Mr. Tanoh has also sued ETI in Togo for unlawful termination of his contract, and is seeking $18 million in compensation. ETI has lodged a criminal complaint against Mr. Tanoh for taking away all official files that he handled as Group CEO of Ecobank and for deleting all electronic files from the official computers that he used as Group CEO.


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