2022 BSM Index
TOP 50 BRANDS NIGERIA® 2022
| #33 | Ecobank Nigeria |
|---|---|
| BSM Index | 55.2 |
| YoY | +9 |
| CEO | Patrick Akinwuntan |
| Year Founded (in Nigeria) | 1989 |
| Website | www.ecobank.com/ng |
| Head Office | Plot 21, Ahmadu Bello Way, V.I.Lagos |
| Nationality | Togo |
| Customer Base | – |
| Number of Branches | 610 |
| Annual Turnover | – |
| Employees | – |
| Marketing Budget | – |
Ecobank Nigeria, a key subsidiary of one of Africa’s leading financial group is a member of the Ecobank Transnational Incorporated (ETI). It was established as a bank holding company in 1985 under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry with the support of the Economic Community of West African States (ECOWAS)
In the early 1980’s foreign and state-owned banks dominated the banking industry in West Africa. Commercial banks in West Africa owned and managed by the African private sector were a rarity. Its founders created ETI with the objective of filling this vacuum.
Today, Eco bank is a leading Pan-Africa bank with operations in 33 countries across Africa, also in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates.
Ecobank operates as a universal bank, providing wholesale, retail, corporate, investment and transaction banking services to its customers in the Nigerian market.
The bank divides its operations into three major divisions: (a) Retail Banking (b) Wholesale Banking and (c) Treasury & Financial Institutions. The bank also offers capital markets and investment banking services.
During the fourth quarter of 2011, Ecobank Nigeria through its parent company Ecobank Transnational Inc. (ETI) acquired 100% of the shareholding in Oceanic Bank, creating the expanded Ecobank Nigeria Limited. This was after a previous acquisition of the deposit liabilities and customers of the defunct All States Trust Bank Plc, Hallmark Bank Plc and African International Bank PLC (AIB).
As of December 2011, the expanded Ecobank Nigeria controlled total assets valued at approximately US$8.1 billion (NGN: 1.32 trillion), making it one of the five largest banks in Nigeria at the time. At the same time also, the bank had 610 free-standing branches, making it the second-largest bank in the country by branch network.
This acquisitions and its effects made Ecobank a top tier bank in the country in terms of customer base, deposit and branches.
