Ecobank picks international award

Ecobank Transnational Incorporated (ETI) has won the Global Finance, the world renowned magazine’s ‘Best Bank in Africa’ award for the second year running.

The bank was also named the magazine’s first ‘World’s Best Frontier Markets Bank’ for 2013.

Frontier markets provide access to some of the most dynamic and fastest-growing economies in the world, supported by strong secular growth drivers. The investment opportunities are similarly benign as market liberalisation is accelerating and valuations look attractive in absolute terms. The bank thus becomes the unit for these markets.

Mr Albert Essien, Ecobank’s Deputy CEO and Group Head of Corporate and Investment Banking, received both awards on behalf of the bank at a ceremony that coincided with the annual meetings of the World Bank and IMF in Washington DC at the weekend.

The awards distinctions were based on Ecobank’s performance in the past year, as well as other subjective criteria, including reputation and management excellence. Global Finance made their selections after extensive consultations with bankers, corporate finance executives and analysts worldwide.

“In the light of the uncertainty facing developed markets and with emerging markets struggling to maintain their growth rates, the corporate world is beginning to take notice of frontier markets as a new area of opportunity,” said Global Finance’s publisher, Joseph D. Giarraputo.

“These markets are in a position comparable to where emerging markets were 20 years ago and they are poised for serious growth. Ecobank has demonstrated vision and confidence in Africa’s long-term growth potential, bringing mobile banking services to previously unbanked frontier markets.”

Global Finance also named five Ecobank affiliates as “the Best Emerging Market Banks in Africa”. These are: Burkina Faso, Côte d’Ivoire, Ghana, Guinea (Conakry) and Togo.

The criteria for choosing these winners included growth in assets, profitability, strategic relationships, customer service, competitive pricing and innovative products.

The Group CEO of Ecobank, Mr Thierry Tanoh, said “Strong economic growth, a youthful population and increasing consumption make Africa an attractive investment proposition and Ecobank is strategically positioned to benefit from many of these growth drivers.

These awards are a testament to the success of our pan-African vision and we continue to invest for the long term, with a focus on customer service innovation, which, we believe, will shape the future of banking in Africa."

By Suleiman Mustapha/Graphic Business/Ghana