Ecobank Nigeria (“Eco-N”) is a fully-owned subsidiary of the Ecobank Group, being the 6th largest local bank in terms of assets in Nigeria and the Ecobank Group’s key subsidiary, accounting for 44% of the Group’s total assets.
Eco-N, which started operations in 1986, is a fully fledged commercial bank providing wholesale, retail, investment and transaction banking services to a wide range of institutional, corporates, SMEs and retail clients. The bank has a strong positioning in retail banking and has the 2nd largest branch network in Nigeria. The bank is also one of the eight systemic important banks in Nigeria.
The Ecobank Group is the first pan-African banking group, having a presence in 35 countries. It was established in 1985 in Togo by leading West African institutions to become the “first African bank”. The Group has rapidly grown by acquisition to reach a critical mass spanning the main financial hubs of the continent.
Role and added value of Amethis
The US$75m syndicated loan led by FMO providing Tier II capital to Ecobank Nigeria to which Amethis participated will foster the bank’s growth, enabling much needed private sector development in the largest economy of Sub-Saharan Africa.
Amethis’ investment will support the bank’s development and growth in SME lending. It will therefore foster sustainable job creation and support the Nigerian economy thanks to the direct investments it will generate on the Nigeria SMEs segment.