Mr Thierry Tanoh, the chief executive officer (CEO) of Togo-based EcoBank Transnational Incorporated (EcoBank), has been called to step down due to allegations of being “unfit to lead” the bank [1]. The demand came from four members of the bank’s executive team and the Public Investment Corporation, an investment manager owned by the government of South Africa that owns 18.25 percent of EcoBank shares. The call for Mr Tanoh’s resignation came ahead of the extraordinary general meeting of the bank that was held in March to discuss governance reforms within the bank. The issue of Mr Tanoh possibly resigning, however, did not appear on the agenda of that meeting [2]. Mr Tanoh was appointed CEO in January 2013.
As of 2012, Ecobank had USD 20 billion in assets, USD 2 billion in equity, 13.7 million customers and 1,200 branches in 29 countries.
By Nisha Koul, Research Associate
About EcoBank: Incorporated in 1985, Ecobank Transnational is a Togo-based bank that provides wholesale, retail, investment and transaction banking services and products. As of year-end 2012, Ecobank had USD 20 billion in assets, USD 2 billion in equity, 13.7 million customers and 1,200 branches in 29 countries.
Sources and Additional Resources:
[1] Reuters, “Exclusive: Ecobank CEO’s contract must be terminated immediately – PIC letter,” http://www.reuters.com/article/2014/03/01/us-ecobank-idUSBREA200MK20140301
[2] Reuters, “UPDATE 2-Ecobank shareholders pass governance action plan, CEO stays,” http://www.reuters.com/article/2014/03/03/ecobank-idUSL6N0M042G20140303
MicroCapital Story, February 14, 2014, “EcoBank to Offer Mastercard in 23 African Countries,” https://www.microcapital.org/microcapital-brief-ecobank-to-offer-mastercard-in-23-african-countries/
MicroCapital Story, May 27, 2013, “Ecobank’s Sierra Leone Arm Refutes Newspaper Report of Money Laundering,” https://www.microcapital.org/microcapital-brief-ecobanks-sierra-leone-arm-refutes-newspaper-report-of-money-laundering/
MicroCapital Universe Profile, Ecobank Transnational Incorporated (Ecobank), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ecobank
MicroCapital Universe Profile, EB-ACCION Savings and Loans Company Limited, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=EB-ACCION+Savings+and+Loans+Company+Limited
MicroCapital Universe Profile, EB-ACCION Microfinance, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=EB-ACCION+Microfinance
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: DAI’s MicroVest Loans $4m to Bayport Colombia, Payroll Lender to Public Sector Workers
- MICROCAPITAL BRIEF: Rite Water of India Nets $8m in Equity from Incofin via Water Access Acceleration Fund
- SPECIAL REPORT: Sounding Alarm Bells on Financial Health: Inclusion Is Not Sufficient
- MICROCAPITAL BRIEF: Banco de Credito del Peru (BCP) Launches iO Banking App with Support from i2C
- MICROCAPITAL BRIEF: KEPFIC Member Pension Funds Invest $61m in Acorn Holdings, Kenya Mortgage Refinance Company (KMRC) to Boost Affordable Housing