•Phtoto: Sun News Publishing

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Despite its inability to conclude series of merger talks between it and other banks in Nigeria, Ecobank Transnational Incorporated has said it was determined to acquire more banking licences on the African continent over the next few years.

Executive Director, Wholesale Banking at Ecobank Nigeria Plc, Mrs Foluke Aboderin, who hinted of the planned corporate raid within the continent, said in Lagos last week that the bank would devote much of the proceeds of the current capital issue to buy more banking licences.

Banks that may be bought in Ecobank’s multi-country operation include small and medium sized institutions wanting to leverage on the continental strength of the company to improve their activities in the market.

She stated that under the arrangement, Ecobank Nigeria would be a major recipient of the fund allocated for more banking acquisitions, since Ecobank Transnational Incorporated still holds 71 percent of Ecobank Nigeria Plc.
According to her, ETI would want to maintain its current holding in Ecobank Nigeria, an indication that three quarters of the offer would have been taken up by parent company.
She explained that being in about 25 countries at the moment was part of the bank’s overall strategy for evolving a global financial institution that would become the pride of the Africans and the global business community.

She noted that the leadership of the pan African financial institution was strongly committed to pursuing an ambitious expansion plan which would enable investors in the bank balance their portfolios at any given time, regardless of the performance of their respective stock exchange or the economy as a whole.
Aboderin stated that buying into Ecobank’s current offer amounts to buying into the future of Africa, stressing that in its more than 20 years of doing business in Africa, there has been a consistent track record of dividend payment that has been above industry average.

The Ecobank boss pointed that the bearish posture of the Nigerian Stock Exchange presents an opportunity for investors to buy more now that prices are with the hope of selling in the near future where they are expected to appreciate phenomenally.

Ecobank Transnational Incorporated is currently selling $2.5billion (N300billion) shares through rights issue, an offer for subscription and a Global Depository Receipt component, in a move to recapitalize it various country operations and enhance its market share on the African continent.