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Ecobank appoints Ndiaye as new chairman amidst strong financial performance

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Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has appointed Papa Madiaw Ndiaye as its new Chairman following the conclusion of its 36th Annual General Meeting (AGM) and an Extraordinary General Meeting held in Lomé, Togo.

This announcement comes as the bank celebrates a robust financial performance in 2023, with net revenues surpassing the US$2 billion mark for the first time in nearly a decade.

Despite facing significant macro-economic challenges, including high inflation, interest rate pressures, local currency depreciation, and geopolitical tensions, Ecobank achieved notable financial milestones:

  • Net Revenues: Exceeded US$2 billion.
  • Profit Before Tax: Reached US$581 million, an 8% increase from US$540 million in 2022. When adjusted for constant currency, the profit increase is 34%.
  • Cost-to-Income Ratio: Hit a record low of 54.9%.

Alain Nkontchou, the outgoing Chairman of the Ecobank Group, remarked, “2023 was an encouraging year for our Group. Our organization has shown resilience in a rapidly changing operating environment.

The Board is proud of what our employees around the continent and in our affiliates in other regions have achieved, collectively and individually.”

The AGM also marked the appointment of new Non-Executive Directors: Papa Madiaw Ndiaye, Louis Adande, and Terence G. Sibiya. They succeed retiring Directors Alain Nkontchou, Mfundo Nkuhlu, and Hervé Assah.

Papa Madiaw Ndiaye, CEO and Founding Partner of AFIG Funds, a prominent private equity fund management company focused on Africa, takes over as Chairman.

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Ndiaye’s leadership and commitment to Ecobank’s mission are expected to drive the bank’s strategic agenda forward.

“I have long admired Ecobank Group’s successful development across Africa, and I am looking forward to working with Jeremy and ETI’s Board to steer the Bank through the next and exciting phase of its journey,” said Ndiaye.

“With its strong foundation and numerous competitive advantages, I see Ecobank as strongly positioned to accelerate its growth trajectory and play an even greater role in driving the continent’s economic development in this era of rapid technological changes.”

Ecobank has recently implemented its new Growth, Transformation, and Returns strategy aimed at creating shareholder value and delivering sustainable growth. This strategy includes:

  • Strengthening leadership in markets with high market shares.
  • Transforming business performance in Nigeria and other subscale markets.
  • Solidifying leadership in Corporate and Investment Banking.
  • Expanding Commercial and Consumer Banking businesses.
  • Increasing volumes and total value within its payment ecosystem.

Jeremy Awori, Chief Executive Officer of Ecobank Group, highlighted the strategic importance of Ndiaye’s appointment: “With his strong experience and knowledge, particularly in investing in financial services, Papa Ndiaye’s appointment as ETI’s Chairman is a significant step in reinforcing our position as the leading pan-African banking Group.

We are excited about the future under his guidance and look forward to achieving our Growth, Transformation, and Returns strategy, while enhancing our service delivery.”

Shareholders approved all resolutions presented at the AGM, including the approval of accounts, appropriation of profits, renewal of director mandates, and election of new directors.

This strong support reflects confidence in Ecobank’s leadership and strategic direction as it continues to navigate and thrive in the challenging economic landscape.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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