The following statement seeks to clarify enquiries received following recent media reports that the Ecobank Group may be closing some of its subsidiaries that are not profitable.
“Ecobank is currently reviewing its business model to ensure that it deploys products that are profitable in the countries where it operates.
In so doing, we may decide to exit certain products from some markets, and may also close one or more branches in some countries
in favour of technology. However, this does not in any way translate to the planned closure of any of our subsidiaries.
“The closure of any Ecobank subsidiary would require a thorough situation analysis and
approval by the Board of Directors and shareholders of Ecobank, and no such closures are
envisaged at this time. As the largest pan-African banking institution, we remain committed to our existing network of countries.”
African Eye Report
