Ecobank Transnational: Full Angolan operation ‘in six months’

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