…The appointment was announced Thursday following the bank’s 36th Annual General Meeting in Lomé, Togo and Extraordinary General Meeting.
…Ecobank has recently implemented its new Growth, Transformation and Returns strategy to create shareholder value and deliver sustainable growth.
FRI JUNE 07 2024-theGBJournal| The Board of Directors of Ecobank Transnational Incorporated (ETI) has appointed Papa Madiaw Ndiaye as new Chairman. He succeeds Alain Nkontchou.
The appointment was announced Thursday following the bank’s 36th Annual General Meeting in Lomé, Togo and Extraordinary General Meeting.
Papa Ndiaye, ETI’s new Chairman, said: “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.
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.”
Ndiaye is the Chief Executive Officer and Founding Partner of AFIG Funds, a leading private equity fund management company focused on Africa. He has a proven track record of leadership and the creation of shareholder value and a deep commitment to Ecobank’s mission and strategic agenda.
The AGM also approved the appointments of Papa Madiaw Ndiaye, Louis Adande and Terence G.Sibiya as Non-Executive Directors succeeding the retiring Directors.
Alain Nkontchou, Mfundo Nkuhlu and Hervé Assah stepped down from the Board after completing their terms of office.
Meanwhile, shareholders applauded the Group’s strong performance in 2023 with its net revenues exceeding US$2 billion mark for the first time in nearly 10 years.
They also noted that this performance was achieved in the face of significant macro-economic headwinds such as high inflationary and interest rate environment, local currency depreciation, and geopolitical tensions.
The Group achieved profit before tax of US$581 million, up 8 per cent from US$540 million in 2022. In constant currency (i.e. excluding the adverse effects of translating local currencies into ETI’s reporting currency the US dollar), the increase in profit before tax is 34 per cent.
The Group also recorded a record low cost-to-income ratio of 54.9 per cent.
“2023 was an encouraging year for our Group. Our organisation 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,” says Alain Nkontchou, Chairman, Ecobank Group, while commenting on the performance.
We demonstrated financial prudence by carefully managing our shareholders’ capital, ensuring customer satisfaction at every touchpoint, and making informed decisions about pricing our assets and liabilities. We are confident that our strategy is paving the way for our continued success and growth,” Jeremy Awori, Chief Executive Officer, Ecobank Group, added.
Speaking on Papa Ndiaye’s appointment Mr Awori said ”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.”
Ecobank has recently implemented its new Growth, Transformation and Returns strategy to create shareholder value and deliver sustainable growth.
The strategy’s multiple initiatives and actions include entrenching its leadership position in affiliates in which it has high market shares; transforming its business performance in Nigeria and in subscale markets; solidifying its leadership in Corporate and Investment Banking; growing its Commercial Banking and Consumer Banking businesses; and growing volumes and total value on its payment ecosystem.
The Shareholders approved all the resolutions presented at the AGM, including the Approval of the Accounts, the Appropriation of the Profits, the renewal of mandates of Directors, and the election of Directors.
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