Ecobank Nigeria Limited, a subsidiary of Togo-based Ecobank Transnational Incorporated, is pleased to announce the successful signing of a $150 million term loan facility.
Commerzbank Aktiengesellschaft, Filial Luxemburg , First Gulf Bank PJSC, Mashreqbank psc and Standard Chartered Bank acted as mandated lead arrangers and book runners. Standard Chartered Bank is the facility agent and also acted as co-ordinator and documentation agent.
The facility marks Ecobank’s debut in the international loan market and lays the groundwork for future fundraising on a broader basis.
It has a one-year tenor and will be used for general lending purposes. It generated strong interest from the market, resulting in the facility being 50 percent oversubscribed , increasing from its original US$100 million launch amount .
Established in 1986 and with approximately US$10 billion in assets today, Ecobank Nigeria ranks as one of the country’s top six banks. The company operates as a subsidiary of the pan- African banking group, Ecobank Transnational Incorporated (‘ETI’), headquartered in Lomé, Togo. ETI has over 1,200 branches and offices in 36 countries in West, Central, East and Southern Africa, as well as in London, Paris, Dubai and Beijing. It is listed on the Lagos, Accra and Abidjan (BRVM) stock exchanges.
Ecobank Nigeria is a full-service bank, providing wholesale, retail, corporate, investment and transaction banking services to government, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals. In 2011, parent company, Ecobank Transnational Incorporated acquired 100% of the issued capital of Oceanic Bank, merging Oceanic’s banking operations with Ecobank Nigeria. Ecobank Nigeria currently operates 484 branches throughout Nigeria. The Central Bank of Nigeria has categorized it as a Systemical ly Important Bank (‘SIB’).
Ecobank Nigeria’s Managing Director, Mr. Jibril Aku, welcomed the transaction, saying: “This transaction broadens and strengthens Ecobank Nigeria’s base of lending banks. We are particularly encouraged by the response of the international markets, as it reflects confidence in our long-term growth plans.”
Ms. Foluke Aboderin, Ecobank Nigeria’s Executive Director, Corporate Bank, added : “Ecobank Nigeria is very active in the financing of large-ticket transactions in telecoms, oil and gas and heavy industry. This facility will help to fund a number of transactions in these key sectors of Nigeria’s dynamic economy.”