ECOBANK holds AGM in Accra

Accra, June 23, GNA - ECOBANK Trans-national Incorporated (ETI), at its Annual General Meeting in Accra on Friday, announced a dividend of 12 cents on each share. The Group's net profit after tax was 51 million dollars while the net profit attributable to ETI was 41.5 million dollars. According to Mr Philip C. Asiodu, Chairman of the Bank Group, dividend on shares issued under the private placement would be pro-rated from the date on which the Company received funds. The Banks' annual asset rose from 1.910 billion dollars in 2004 to 2.199 billion dollars in 2005. He said in 2005 the Bank took several steps to ensure a sustainable and balanced growth of the business in the long term.

"We took advantage of the consolidation of the banking sector in Nigeria to transform and reposition our operations in this major economy in the (West Africa) Sub-Region. "This has been done along the recapitalization of our Nigerian subsidiary to meet higher capital requirements in Nigeria, thus we have entered into an agreement with First Bank of Nigeria, combining our business to create one of the largest and most diversified banking group in Africa."

Mr Asieodu said the combination was still subject to shareholder and regulatory approval, stressing that similar situations were afoot in other countries and markets where the Bank currently operated. ECOBANK is present in 13 African countries and is planning to show up in Chad, Equatorial Guinea and Sao Tome, Sierra Leone and Principe soon. Mr Asiodu said the Bank, which was the leading indigenous banking group in Africa since its inception in 1985, was working on becoming a fully fledged Pan- African banking institution offering world class products and services. He said the Bank was positioned to address current challenges facing it in the Sub-Region and to build on its track record of growth and profitability.

Addressing a press conference later, Mr Asiodu said the Bank would work on being the main instrument of change on the Continent ensuring that the lives of Africans became less cumbersome. He said the Sub-Region was not growing at the right pace adding: "The economies of the countries must grow at more than 10 per cent while the commercial banks and other investment banks could grow exponentially." ECOBABK Ghana and Nigeria have been listed on the Ghana Stock Exchange and Lagos Stock Exchange, respectively. ETI is to be listed soon at the Bourse regionale des valeurs mobilieres in Abidjan, Accra and Lagos. "This proposed listing on three exchanges in West Africa is designed to improve the liquidity of our shares and the market value of the Company to our shareholders," Mr Arnold Ekpe, Chief Executive Officer of the Bank, said.

Mr Asiodu launched the ECOBANK Retail Kiosk, a sales channel for ECOBANK products, where customers and prospective customers can seek information about the Bank. "We will also provide Internet banking services; receive cheques and customers for processing in the main branches. For safety, the ECOBANK kiosk will not handle cash transactions."