Sunday , March 7 2021

Ecobank received a syndicated loan worth 200 million dollars

# Other countries : Ecobank Transnational Incorporated (ETI) has completed a syndicated loan of $ 200 million. This loan, which is organized by Deutsche Bank as part of the diversification of the group's funding sources, should be used mainly to repay part of the bank's debt.

Ecobank Transnational Incorporated has just announced the completion of a syndicated loan of $ 200 million.

Established and based in Lomé, Togo, Ecobank Transnational Incorporated is the parent company of the Ecobank Group, a pan-African global bank that is present in 36 African countries. The team is also present in France and has representative offices in Dubai, London and Beijing.

Started by the team, this last loan was booked for $ 268.5 million. This situation has led the publisher to ask Deutsche Bank, the organizer of the transaction, to raise the issue from $ 150 million to $ 200 million.

"This funding supports the goal of the ETI to maintain a diversified funding base and strong market access," a bank statement said.

This loan, to be repaid in November 2019, demonstrates the institution's urgent financing needs, which at present has to face high operating costs, despite efforts to rationalize the management of the group.

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If no information was provided on the allocation of borrowed funds, the amount raised could be used for the Group's growth but also mainly for the repayment of part of the debts maturing during the current year.

By the end of 2017, Ecobank's various loans amounted to $ 1.72 billion, including $ 246.5 million in short-term receivables (less than 12 months). A situation that hits the acceleration of the bank's growth despite returning to green in 2017 with a profit of $ 228.54 million after losses of $ 205 million in 2016.

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