Ecobank Chairman Emmanuel Ikazoboh (2nd from left) opens the London  Stock Exchange with Group CEO Ade Ayeyemi (3rd from left
Ecobank Chairman Emmanuel Ikazoboh (2nd from left) opens the London
Stock Exchange with Group CEO Ade Ayeyemi (3rd from left

The Ecobank Group has announced that it successfully issued a $500 Million Eurobond on the London Stock Exchange.

Speaking at a briefing in Lusaka today,Ecobank Zambia Managing Director Kola Adeleke said the Bond was oversubscribed with strong demand from International investors in the UK, United States, Europe, Middle East,Asia and Africa.

Mr. Adeleke said the successful issuance of the inaugural Eurobond on 7th June 2019 on the main London market demonstrates international investors approval and confidence in Ecobank’s long term strategy and prospects.

He said the issuance follows on from Ecobank’s 2017 convertible bond issuance on the International Securities Market.

The five-year senior unsecured notes, which matures in April 2024, were launched with a coupon interest rate of 9.50 percent per annum payable semi-annually in arrears.

“The successful issuance of our inaugural Eurobond on the main London market demonstrates international investors’ approval and confidence in Ecobank’s long-term strategy and prospects as a strong and sustainable pan-African financial services institution. It also demonstrates the ability of African corporates to access international capital markets,” he said.

“Ecobank Transnational Incorporated (‘ETI’), the Lomé-based parent company of the Ecobank Group, was hosted by the London Stock Exchange to a market opening ceremony to celebrate the successful listing of the Eurobond on the London Stock Exchange (LSE) main market last week on Friday.”

He added, “Our Group CEO Mr. Ade Ayeyemi said that thesuccessful issuance of our inaugural Eurobond on the main London market demonstrates international investors’ approval and confidence in Ecobank’s long-term strategy and prospects as a strong and sustainable pan-African financial services institution. It also demonstrates the ability of African corporates to access international capital markets.”

“Our Acting Group Chief Financial Officer stated that Ecobank places great emphasis on constantly reviewing our capital allocation strategies to ensure that we have the right strategic positioning, competitive advantages, products and resources to increase efficiency and profitability,” he said.

“Our access to international capital markets are part of the mix and enable us to boost our liquidity profile, refinance maturing facilities and strengthen our foundations to ensure long-term sustainable growth and profitability for all our stakeholders.”

He said Ecobank will use the net proceeds of the placement for general corporate purposes including the refinancing of maturing debt facilities.

Mr. Adeleke also revealed that Ecobank emerged as Best Retail Bank of the Year, by the prestigious African Banker Awards 2019.

He said the African Banker Awards are the most prestigious event in Africa’s banking and finance sector and are held under the high patronage of the African Development Bank.

“It’s my pleasure to further announce that Ecobank emerged as Africa’s most admired financial services brand 2019 by African Brands, the best-selling Pan African Business Magazine.”

“Ecobank stands for a purpose – our mission is to be a modern bank and to drive financial integration and inclusion across Africa. As a pan-African bank, many stakeholders resonate with our vision to make a critical contribution to Africa’s growth and development. At the same time, the digitalisation strategy has resulted in consumers of all demographic orientations being able to feel the impact of the bank in a much more immediate way.”

Mr. Adeleke said Ecobank Zambia will in August soon celebrate 10 years in Zambia.

“We have come to learn that profit must not always be measured in monetary terms but in actual contribution to human growth and mutually beneficial economic partnership. Our vision is to build a world-class Pan African Bank and contribute to the economic development and financial integration of Africa. This is in line with the Founders’ vision of building a strong bank owned by Africans to serve Africa.”

He said, “Using our over 30 years of banking experience and network advantage in 33 countries where Ecobank is present, we remain relevant in Zambia by translating our local knowledge into business opportunities for the growth of the Zambian economy.”

Ecobank Chairman Emmanuel Ikazoboh (2nd from left) opens the London
Ecobank Chairman Emmanuel Ikazoboh (2nd from left) opens the London
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9 COMMENTS

  1. WOW!! Africans working together and doing superb things for the continent. Hadn’t realised they were the biggest in Africa!

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  2. A devils noose, learn from others, these Eurobonds are the next best thing to vulture funds. They reel you in with talk of good credit standing with collusion of rating agencies and financial publications like Financial Times and Bloomberg. Then once you issue the bond they find something to discredit your credit standing and before you know it the bond yield rates jive from 8% to 22%. The bad publicity will prevent them from borrowing from anyone. This has been the patter for all these Eurobond issuances. It’s nothing short of racketeering. Ecobank will be lucky to still be in existence by the time the bonds are due.

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  3. Ecobank is doing Zimbabwe proud…our so called millionaires dont think to this level..they just want to forever buying haulage trucks and buses

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  4. ECOBANK are not the best there banking practices arent good. They couldnt allow me to withdraw dollars from my dollar account in zambia because the account is in central african republic. I was paid in kwacha then again bought dollars.Furthermore, even that wasnt smooth because they had to send a fax to CAR and then have feed back. From 08hrs i was only paid at 15hrs

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