Ecobank Plans to Raise $600M in Eurobonds in 2024

Friday, 07 June 2024 16:45
Ecobank Plans to Raise $600M in Eurobonds in 2024

(Togo First) - Ecobank seeks to raise $600 million to bolster its financing structure. This year, the Bank’s shareholders will not receive dividends, after the lender resumed their distribution last year. Ecobank’s revenues recently exceeded $2 billion.

Ecobank Transnational Incorporated (ETI) prepares to raise up to $600 million via Eurobonds. Alain Nkontchou, Chairman of the bank's Board of Directors, announced the plan on June 6, 2024, in Lomé. The move, according to the executive, is necessary to reinforce the lender’s financing structure. 

This is the second consecutive year shareholders have been asked to vote on a new capital raising. Last year, they were asked to approve raising $500 million.

"On April 18, 2024, we repaid the $500 million Eurobond issued in April 2019 with short-term bridge financing. Today, we are seeking shareholder approval to replace this financing with a longer-term facility through a new Eurobond issue," Nkontchou said.

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