Ecobank Transnational: Full Angolan operation ‘in six months’

Comment on this story

Ecobank Transnational planned to start full banking operations in Angola in about six months, Africa’s most geographically diverse lender said on Tuesday.

“We have to be in Angola – Angola is one of the big four revenue generators” in Africa, Albert Essien, the chief executive of Togo-based Ecobank, said.

“In six, six-plus months we should be in Angola operating as a bank.”

The company, which trades on three African exchanges and operates in 35 nations on the continent, has a representative office in Angola.

Angola’s government is forecasting economic growth of between 5 percent and 7 percent this year.

Ecobank’s full-year net income fell to $147.8 million (R1.5 billion) in 2013 from a restated $287m a year earlier, it said on April 30. – Bloomberg

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines