Summary of Proposed Investment
Project Number
9319
Company Name
ECOBANK TRANSNATIONAL INCORPORATED
Date SPI Disclosed
Nov 25, 1998
Country
Africa Region
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Feb 1, 1999
Signed : Apr 6, 1999
Invested : Jun 24, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Togo-Ecobank Transnational Incorporated (ETI) |
| Region | Africa Regional |
| Sector |
Projected Board DateDecember 30, 1998
Company NameEcobank Transnational Incorporated (ETI)
Technical Partner and/or Major Shareholders
Economic Community of West African States (ECOWAS) Fund (12%)
Saudi Prince Al Wahleed’s Kingdom Holding Africa (18%)
Private Shareholders (70%)
Project Cost Including proposed IFC investment
Project Cost: US$ 29.75 million
IFC Investment: US$ 7.5 million
Location of project and Description of site
Lomé, Togo
Description of Company and Purpose of Project
The project consists of an IFC investment totaling US$7.5 million in ETI through a subscription to a two tranche preferred share issue by ETI: (i) US$3.75 million in Class A ETI Preferred Stock convertible into ETI Ordinary Shares; and (ii) US$3.75 million in Class B ETI Preferred Stock redeemable within five years. This structure was jointly determined by IFC and ETI as the best way in which IFC could play a meaningful role in supporting the institutional development, expansion and diversification of West Africa’s only fully indigenous international banking group. ETI has the most diversified country presence of any bank in West Africa, with six banks in as many countries, and spanning both English and French speaking countries. By supporting ETI’s expansion and helping it broaden its ownership structure, IFC would contribute significantly both to the broadening and deepening of the region’s financial sector.
Environmental Category and Issues
This is a Financial Intermediary (FI) Tier 1 project. ETI must attend IFC''s environmental management training; implement an environmental management system; and submit an annual environmental performance report describing the performance of the environmental management system.
| Date SPI sent to InfoShop | November 25, 1998 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
Related ESRS/ERS
