ECOBANK NIGERIA LIMITED
Status: Completed investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Ecobank Nigeria is a full-service commercial bank and one of the most important banks in Nigeria. It is 100% owned by Ecobank Transnational Incorporated, the holding company of the Ecobank Group, the largest banking group in Sub Sahara Africa, outside South Africa. Ecobank Nigeria currently has the 2nd largest branch network in the Nigerian banking industry. In addition to its corporate banking business, Ecobank focuses on local corporates and SMEs, thereby supporting and creating jobs in the Nigerian economy.
What is our funding objective?
FMO arranged a US$ 75 mln subordinated term loan that will qualify as Tier II capital to comply with the increased capital norms by Central Bank of Nigeria for systemically important banks. The 7-year loan facility will have a strong multiplier effect on the growth of Ecobank's loan portfolio and enable much needed private sector development in Africa's largest economy. FMO arranged the transaction and as well as its own US$ 30 mln, it catalyzed funding from Deutsche Investitions- und Entwicklungsgesellschaft mbH -DEG (US$ 20 mln), Amethis Africa Finance Ltd (US$15 mln) and Swedfund International AB (US$10 mln).
Why do we fund this investment?
FMO already maintains a long standing relationship with ETI and the Ecobank Group. FMO is further diversifying and expanding its partnership with Ecobank Group by now supporting its flagship subsidiary Ecobank Nigeria by providing Tier II capital to support the bank's future growth strategy. By arranging the transaction and bringing other partners along in this transaction, FMO is also actively supporting to broaden the funding base for the bank in the future.
- Region
- Africa
- Country
- Nigeria
- Sector
- Financial Institutions
- Effective date
- 6/19/2015
- End date
- 4/22/2021
- Total FMO financing
- USD 30.00 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - A