Ecobank Transnational Incorporated grew too fast in a short space of time, its biggest shareholder said on Wednesday, potentially signalling a slowdown in the rapid expansion that has taken the financial institution to 35 countries.
The Chief Executive Officer, Public Investment Corporation, Mr. Elias Masilela, said the bank, whose chief executive Thierry Tanoh was ousted by the board on Tuesday, needed to devote as much attention to governance as to growth.
“The institution grew too fast in a short space of time. They needed to have taken stock at some point and thought about internal issues instead of focusing on the expansion program only….It would seem like the expansion program preoccupied everything.”
The PIC, which has an 18.35 per cent stake in the bank, has been a vocal critic of Tanoh and in a March 1 letter called for his dismissal to prevent “the death of a pan-African dream”.