Ecobank expected to make another acquisition in Ghana if any…

The Group Chief Executive of Ecobank, Ade Ayeyemi says they are still looking forward to making another acquisition in Ghana if the opportunity presents itself.

ECOBANK in 2012 acquired a 100 percent stake in The Trust Bank Ghana. The move was expected to position ECOBANK as the biggest bank in Ghanaian terms of assets and achieve its group strategy of being among the top three banks in every country that it operates in Africa.

Speaking to JOYBUSINESS after engaging, investors, and brokers, at the Ghana Stock Executive Facts Behind the figures session, Group Chief Executive, Ade Ayeyemi, says, even though the group strategy now is to grow organically it has not totally ruled out mergers and acquisition.

He added that “remember that an organization that does not renew itself, dies, that is why we not going say that we not going to do this or that till thy kingdom come”.

Mr Ayeyemi added that even tough they may be very big in certain places, there are still a lot more people out there that remain unbanked in Ghana and other African countries, whiles intra-Africa trade is very low.

That is why we believe that there is a lot that must be done by banks like us to correct this.

He noted that “the fact that we may be number one in the country, that may still not be sufficient,” therefore we need to create a distance between us and the number two in every country that we operate.”

Mr Ayeyemi said the bank is looking at driving customer excellence with the focus on superior customer experience, leverage on distribution and cost leadership, whiles strengthening, risk management.

Ecobank Transnational Incorporated ended last year with a net revenue was down by 8 percent to $2 .1 billion, whiles profit before tax, went down by 60 percent to $205 million, whiles total assets come down by 3 percent to $23 billion.

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