Ecobank raises $450 million on international financial market

Banking
Friday, 19 April 2019 18:44
Ecobank raises $450 million on international financial market

(Togo First) - Ecobank raised $450 million during its last bond issuance on the international market.

“The success of this Eurobond reflects the interest of first-class institutional investors and their confidence in our group,” says Greg Davis, financial director of Ecobank. “This issuance is the result of efforts made to strengthen our group and create value for shareholders, added Ade Ayeyemi, CEO of Ecobank. Yet, like in 2017, the shareholders will get no dividends for the past year.  

The bank will be paying a semester-based interest rate of 9.75% for the non-guaranteed loan. The funds will be used to refinance the lender’s short-term debt ($471.2 million for 2019 according to forecasts) and some spent on general expenditures.

Ecobank has declared a net financial result on the rise but its net banking product kept falling and was at $1.8 billion in 2018, its lowest in the past five years.

 
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