Ecobank Transnational Incorporated (ETI), the Lomé-based parent company of the Ecobank Group, has announced the successful raising of $200 million syndicated loan facility.

The company made this announcement in a notification to the Nigerian Stock Exchange (NSE).

In the notification, ETI disclosed that the facility was oversubscribed at $268.5 million, with ETI increasing the Deutsche Bank’s mandate as an arranger from $150 million to $200 million.

“The facility supports ETI’s goal of maintaining a diversified funding base with strong market access. The loan will be due for repayment in November 2019,” Ecobank stated.

The bank further disclosed that the loan will be due for repayment in November 2019.

The Ecobank share price had also rose by 1.59 per cent from N15.75 to N16.00. This rise came on the day that the NSE All-Share Index appreciated by 0.51 per cent to close at 32,201.28.

ETI had released its financial statements for the nine month period ended 30th September 2018.

Revenue for the group increased from ₦414 billion in 2017 to ₦419 billion in the year under review. This represents a 1%  increase year on year.

Profit before tax increased from ₦69 billion in 2017 to ₦96 billion. This represents a 39% increase year on year. Profit after tax also increased from ₦58 billion in 2017 to ₦76 billion. This represents a 31% increase year on year.

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The Earnings Per Share also increased from ₦201 in 2017 to ₦246 in 2018. This represents a 22% increase year on year.

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About Ecobank Transnational Incorporated

Incorporated in Lomé, Togo in 1988, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries,

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The Group has over 17,000 staff in 40 different countries in over 1,200 branches and offices.

Ecobank is a full-service bank providing wholesale, retail, investment, and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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