Ecobank eyes leadership position

Ecobank Transnational Incorporated (ETI) incoming chief executive officer Thierry Tanoh has said the group will pump more resources into its subsidiary, Ecobank Malawi Limited, in its efforts to become one of the leading banks in the country.

The group has already pumped $5 million (K1.7 billion) into the country’s operation and the new capital injection is expected to go into branch expansion, Auto Teller Machines (ATMs) acquisition and mobile banking facilities, among others.

“We will put more resources into Malawi and that will bring our position of the bank on the top level. It [the resources] will boost our efforts to be part of the leading banks in Malawi in the future,” said Tanoh on Thursday during a media briefing at the bank’s head office in Blantyre.

He said the bank wants to help facilitate trade in the countries where Ecobank Group has presence, adding that the bank is thrilled to be part of the team that will make a difference in Africa.

Tanoh hoped the bank will achieve its objective of financing trade across the Africa region.

He noted that since more Malawians are unbanked, it gives them an opportunity to bring those people on board.

“There is big room for growth in Malawi and there is a lot of expectation for growth,” said Tanoh.

Before the media briefing and meeting with Ecobank staff, Tanoh also met President Joyce Banda and other dignitaries such as Reserve Bank of Malawi (RBM) Governor Charles Chuka.

Tanoh was appointed ETI Group CEO in July 2012, taking over from outgoing chief Arnold Ekpe.

He worked with Ekpe till the end of the year to ensure a successful transition and formally took over on January 1 2013.

 Tanoh has spent the last 18 years with the International Finance Corporation (IFC), a private sector financing arm of the World Bank, rising to the position of vice-president for Africa, Latin America and the Caribbean.

ETI is Ecobank’s Group holding company headquartered in Lome, Togo.