ECOBANK Pursues New Clients

ECOBANK CEO Sam Ashitey Adjei

Posted on: www.businessguideghana.com 

By William Yaw Owusu

Tuesday October 2, 2012.

Ecobank Ghana Limited has outlined plans to expand its revenue mobilization by focusing on new clients.

It forms part of the Pan African bank’s efforts aimed at consolidating its position as the biggest bank in the country.

In August, Ecobank was adjudged the largest bank in the country with assets totaling over GH¢ 3 billion according to the half year results.

In the half year performance, ECOBANK’s total income was GH¢199,182, GH¢ 84, 808 as profits before tax and shareholders fund reached GH¢398,023 and profit after tax at GH¢61,292.

Deposits reached GH¢ 2,298, 270 while loans and advances as at June was GH¢1, 251, 098.

ECOBANK’s merger with the Trust Bank in 2011 appears to have ensured growth in its assets according to financial analysts.

Raymond Fordjuor, the bank’s Business Manager in charge of West Africa Monetary Zone told BUSINESS GUIDE that the bank had put in place sound measures to reach out to the huge number of the public that were not saving with banks.

He said they had launched “the Ecobank Win Big Promotion” to reward “customer loyalty” and at the same time boost deposit mobilisation by targeting prospective clients.

According to Alfred Sekyi, Head of Marketing and Production, the fact that prospective clients are eligible for the promotion is an indication that the bank is ready to expand its reach.

Ecobank Ghana Limited was incorporated on January 9, 1989 as a private limited liability. The bank is a subsidiary of Ecobank Transnational Incorporated (ETI), a bank holding company which has presence in over 33 countries across Africa, dealing in 22 currencies.

In line with its strategy of providing tailored solutions to customers in a timely and efficient manner, the bank segmented its business units into Corporate and Domestic Bank in 2010.

The bank focuses on multinationals, regional corporations, state-owned companies, international organizations, development finance institutions and international businesses while the Domestic Bank is responsible for the Consumer, Small and Medium Enterprises and local corporate customers, including local and central government.

Ecobank has three subsidiaries - Ecobank Investment Managers Ltd, Ecobank Venture Capital Limited and Ecobank Leasing Company Ltd - and one associate company, EB Accion Savings and Loans Company Ltd.