Ecobank Transnational Incorporated (ETI) announced earlier today that its Nigerian subsidiary, Ecobank Nigeria Limited, has secured a N50 billion 10-year subordinated loan.
A statement by the company’s Head of Corporate Communications, Adenike Laoye, which was sent to the Nigerian Stock Exchange, said the funding will enable Ecobank Nigeria to maintain a stable liquidity and improve its balance sheet ratios. Also, proceeds from the transaction will be used to support MSMEs and small corporate entities.
“Lomé, January 25, 2021– 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 statement by the company said.
Source: businesselitesafrica.com
