Ghana: Response From SMC On Recent Media Allegations

In its twenty-five years of existence, Ecobank has made huge strides towards its ambition to be the number one pan-African bank.  In doing so, it has a clear vision to bring economic benefit and cohesion to Africa and its people.  To date, it has been highly successful in achieving its aims, with record financial results revealed in the first quarter of 2013.

Today's Financial Times (17 July 2013) carries an article which makes allegations about the financial probity of ETI's Chairman and the way in which his affairs have been handled by ETI management and Board. Ecobank prides itself on dealing with such matters openly and effectively and, in line with good governance practices, the issues raised by the FT have previously been the subject of review by the ETI Board.

In response to the FT's specific questions, Ecobank has confirmed that the matters concerning  Mr Lawson's dealings with Amcon have been discussed at the Board and, we understand, Mr Lawson has reached an agreement with Amcon on this issue.

The article also raises concerns about Mr Lawson's financial arrangement with Ecobank.  There is no personal loan by Ecobank to Mr Lawson.  Companies of which Mr Lawson is a director do have business relations with Ecobank and one of these has a contracted loan facility with the bank.  The current repayment schedule is not yet due and the loan is secured.

Ecobank, its management and its Board remain committed to the highest standards of corporate governance. We will therefore continue to be open in our engagement with our stakeholders and to welcome dialogue about our business.

Media Relations:

Nabi Souleymane Ouedraogo: nouedraogo@ecobank.com, Tel: +228 22 21 03 03

Notes to Editors

About Ecobank: Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 33 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d'Ivoire, Equatorial Guinea, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, Tanzania, Togo, Uganda, Zambia, Zimbabwe.

The Group is also represented in France through its affiliate EBI SA in Paris. ETI also has representative offices in Dubai-United Arab Emirates, London-UK and Beijing-China. ETI is listed on the stock exchanges in Lagos, Accra, and the West African Economic and Monetary Union (UEMOA) – the BRVM. The Group is owned by more than 600,000 local and international institutional and individual shareholders. The Group has over 18,500 employees in 37 different countries and 1,200 branches and offices as of March 2013. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals. Additional information may be found at : www.ecobank.com.

Source : http://allafrica.com/stories/201307180818.html

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