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Wednesday, March 22, 2023

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Ecobank May Exit Nigeria as Group Reviews Business Model

Ecobank Transnational Incorporated is considering exiting some countries where it is presently facing decline in profit margin as part of holistic review of its business model going forward.
This followed a declaration made by Ecobank’s Chairman, Emmanuel Ikazoboh and reported by Reuters thus: “In the last pocket of least promising countries, we really want to take a decision as to whether we continue to operate in those markets,” said Ikazoboh.
But the bank quickly reacted to the statement of its chairman, saying it does not plan to close any of its subsidiaries. It confirms that “Ecobank is currently reviewing its business model… However, this does not in any way translate to the planned closure of any of subsidiaries.”
Despite the statement, the Group admitted that under its revision process, it could exit some products from its markets or close some branches, but in case would fully exit any country as this is highly complex.
“The closure of any Ecobank subsidiary would require a thorough situation analysis and approval by the Board of Directors and shareholders of Ecobank,” said Uku.
Ecobank is present in 36 African countries and is currently the largest group across the continent.

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