Ecobank Group, an arm of Togo-based Ecobank Transnational Incorporated (ETI), and Old Mutual Emerging Markets, an arm of South Africa’s Old Mutual Group, recently announced an agreement to provide Ecobank’s customers with Old Mutual’s “life insurance, savings and short-term insurance solutions across a greater network on the African continent.” Specific plans for the rollout have not been released.
As of year-end 2013, Ecobank reported USD 22.5 billion in assets, return on equity of 6.9 percent, return on assets of 0.73 percent, 10.4 million customers, and 1,284 branches in 36 countries. This is the most recent financial data available on Ecobank as of 2016. In 2015, Old Mutual served approximately 18.9 million customers and reported adjusted operating profits (AOP) of EUR 1.7 billion (USD 1.9 billion) and EUR 304 billion (USD 340 billion) of funds under management.
By Jason Wei, Research Associate
Sources and Additional Resources
About Ecobank
Incorporated in 1985, Ecobank is a Togo-based bank that provides wholesale, retail, investment and transaction banking services and products to 10.4 million customers in 36 African countries. As of year-end 2013, Ecobank reported USD 22.5 billion in assets, return on equity of 6.9 percent and return on assets of 0.73 percent. This is the most recent financial data available on Ecobank as of 2016.
About Old Mutual
Founded in 1845, Old Mutual South Africa is a financial services organization based in Cape Town, South Africa. It offers investments, life insurance, asset management and general banking and insurance products to individuals and businesses. The organization offers products targeted at poor people through its Black Economic Empowerment and Foundation Markets initiatives. In 2015, Old Mutual served approximately 18.9 million customers and reported EUR 304 billion (USD 340 billion) of funds under management and adjusted operating profits (AOP) of EUR 1.7 billion (USD 1.9 billion).
[1] Ecobank and Old Mutual Announce Enhanced Strategic Agreement, http://www.ecobank.africa-newsroom.com/press/ecobank-and-old-mutual-announce-enhanced-strategic-agreeement?lang=en
MicroCapital Universe Profile: Ecobank
MicroCapital Universe Profile: Old Mutual South Africa
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