The GCR, in a statement, said Ecobank’s competitive position in the Nigerian banking industry has been enhanced by its acquisition of Oceanic Bank, which has seen it rank among the 10 largest banks, by asset size and branch network in the country.
The rating agency said the internal loan recovery system of the bank has become more effective following the sale of impaired loans totalling N17 billion to the Asset Management Corporation of Nigeria (AMCON), adding that the bank’s enlarged branch network has enhanced its access to cheaper retail deposits, and also, the capital adequacy also improved, following the injection of $400 million in Tier I capital by Ecobank Transnational Incorporated (ETI) in the 2012 financial year-end.
Managing Director, Ecobank Nigeria, Mr. Jibril Aku, attributed the high ratings to the hard work of the management and staff.
