09.08.2006 Business & Finance

GSE Approves Listing Of Ecobank Transnational

By Daily Graphic
GSE Approves Listing Of Ecobank Transnational
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The Ghana Stock Exchange (GSE) has approved the listing application of Ecobank Transitional Incorporated (ETI), admitting it to the First Official List of the exchange by introduction.

When a company seeks listing by introduction, no marketing arrangements are required because the company is neither raising additional funds immediately nor are the key shareholders selling off.

ETI is simultaneously listed on three exchanges in the West African sub-region. The three exchanges are the Bourse Regional des Valeures Mobilieres (BRVM), Abidjan, Cote D'Ivoire, Nigeria Stock Exchange as well as the Ghana Stock Exchange.

ETI was established as public limited liability company in the Republic of Togo in 1985. It is a bank holding company set up under a private sector initiative, with the support of the Federation of West African Chambers of Commerce and Industry and Economic Community of West Africa States (ECOWAS).

Its principal activity is the provision of banking and financial services through its subsidiaries and affiliates.

In Togo, ETI enjoys special fiscal, exchange control and legal rights under the headquarters agreement with the Government of Togo.

The company is regulated by the Banque Central de Etats de l'Afrique de l'ouest (BCEAO) or the Central Bank of West African States of francophone West Africa.

ETI began operations with its subsidiary in Togo in March 1988 and currently has over 162 branches and offices in 13 West and Central African countries, namely Benin, Burkina Faso, Cape Verde, Cameroun, Cote D'Ivoire, Ghana, Guinea, Liberia, Mali, Niger, Nigeria, Senegal and Togo.

ETI has two specialised subsidiaries, Ecobank Development Corporation (EDC), incorporated to develop ETI's capital markets, investment banking and advisory businesses in various countries, and eProcess International, established to harmonise the group's information technology systems and processes.

It was also to centralise the group's back office operations, improve efficiency and minimise costs. Ecobank Ghana Limited is 87.47 per cent subsidiary of ETI.

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