Ecobank Nigeria gets N50 bln 10-year bilateral loan to boost balance sheet
By Samuel Bankole
Ecobank Nigeria has secured N50 billion in 10-Year bilateral subordinated loan to help boost the lender’s capital adequacy ratio by 300 basis points.
In a regulatory filing with the Nigerian Stock Exchange (NSE), the West Africa banking group, Ecobank Transnational Incorporated (ETI) said the loan will also provide medium-term liquidity to the bank.
It said the “transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises (“MSMEs”) and Small Corporates.”
“Ecobank Transnational Incorporated (“ETI”), the parent of the
Ecobank Group, announces that one of its significant subsidiaries, Ecobank Nigeria, secured N50 billion, 10-Year bilateral subordinated loan.
“The bilateral funding provides stable medium-term liquidity to the balance sheet of Ecobank Nigeria and positively improved its balance sheet ratios, especially the capital adequacy ratio
by circa 300 basis points.
“The transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises (“MSMEs”) and Small Corporates,” the lender said in the regulatory filing.