Supporting the financing of Ecobank Group

Ecobank Transnational Incorporated (ETI) is the non-operating bank holding company of Ecobank Group, listed on the stock exchanges of Cote d’Ivoire (BRVM), Ghana and Nigeria. The group was founded in 1985, with the first Ecobank affiliate creation in Togo. 

The Ecobank Group opened branches in five African countries in 1988 and has progressively expanded its presence across 33 countries. The group operates 34 banking licenses, 33 being on the African continent.

Outside of Africa, the Group owns a banking subsidiary in Paris and representative offices in London, Beijing and Dubai. The group ranks among the top-three banks, by assets, in 14 countries, with a particularly strong franchise in its core West African markets of UEMOA and AWA. 

 

Ecobank has a strong brand recognition through a substantial network of over 32 million customers, served by some 13k employees and 625 branches across the African continent (and 106,019 agency locations). 

 

With the Indigo 2 Project, Proparco has subscribed $20 million, as anchor investor, to a bond issuance by the holding company of Ecobank Group, Ecobank Transnational Incorporated (ETI), in the context of a public offering which raised $400 million, mainly among private investors. This bond is listed on the London Stock Exchange.

This project is in line with Proparco’s new Strategy 2023-2027, with the objectives of:

- Acting for a sustainable and resilient economy: 

The $20 million of financing ultimately provided by Proparco will support the financing of Ecobank Group, which operates in 33 African countries, and will thereby contribute to the development of these countries, some of which are considered fragile

- This operation is enabling us to strengthen our relations with Ecobank Group, a client classified as a priority by Proparco, as approved during an Executive Committee meeting, as it plays a key role in Africa in financing SMEs, but also as a pioneer committed to issues such as climate finance, financing women entrepreneurs, and Fintechs

- By accepting to be an anchor investor, Proparco is playing a catalytic role in mobilizing private finance for the activities of the largest pan-African bank. This role is recognized and remunerated by an anchor investor commission received by Proparco

The expected impacts of this financing are as follows:

- More than 74,600 jobs supported over the next 5 years through the companies financed by the bank (indirect jobs)

- More than 2,380 MSMEs supported

- Support to Ecobank Group for its investments in 33 countries, some being fragile countries 

The project will thereby contribute to the achievement of SDG 8 (Decent work and economic growth).