Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

Ecobank Kenya receives Sh4bn capital boost

DOLLARSNAIROBI, Kenya, Dec 7 – Ecobank Transnational Incorporated (ETI) has injected Sh4.325billion into Ecobank Kenya, doubling its lending capacity in order to power the subsidiary’s growth at a time when banks are ratcheting up their capital base to comply with new capital adequacy ratios set by the Central Bank of Kenya.

Despite having already met the Capital Adequacy Ratio (CAR), Ecobank Kenya has gradually been boosting its financial war chest as it strategically angles to finance large ticket transactions in Kenya as well as power cross-border investments. Regional trade remains Africa’s biggest opportunity for rapid economic development.

“We are extremely delighted to receive these funds which will boost our lending capacity, aid business growth in line with our strategy and critically address the problem of high cost of funds,” said Ehouman Kassi.

East Africa is now a hotspot for investors angling for emerging business opportunities following the discovery of commercially viable oil and gas deposits in Uganda, Kenya and Tanzania that need infrastructural support. In a recent interview, Ecobank Group Chief Executive Officer, Albert Essien, said Kenya was one of the key markets in Africa that the Group would focus on as a gateway to business opportunities within the region.

Ecobank Kenya, together with EBI investment Corporate, the Investment banking arm of the Ecobank Group in Kenya, are currently gearing up for 3 key structured transactions worth over USD400 million. Kassi said the bank is currently building its capacity in a rapidly changing banking environment where efficient customer service and ability to structure tailor made products and services are at the core of banking operations.

“We have reviewed our personal banking products in addition to deploying our electronic platform for internet banking and regional collections for our corporate clients. We want to ride on our footprint, the robustness of this system and our flexibility to provide financial solutions to our retail and corporate clients here in Kenya and regionally,” said Kassi.

The bank, he said, has developed innovative products for the African Diaspora living in Kenya as well as Kenyans working in the rest of Africa where it operates.

Ecobank Group operates the largest geographical network across Africa with a footprint in 35 countries. Its local entity has 29 branches across Kenya.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...