NEWS RELEASE

Ecobank shareholders laud strong company performance

Pan-African bank concludes 27th AGM in Dar es Salaam, Tanzania
Dar es Salaam, 19 June, 2015 Ecobank Transnational Incorporated (Ecobank), parent
company of the Ecobank Group, the leading pan-African bank with operations in 36 countries
across the continent, concluded its 27th Annual General Meeting in Dar es Salaam, Tanzania
today.
Shareholders welcomed the companys strong performance for the year ended 31 December
2014. At the end of the year, Ecobank had US$24.2 billion in total assets and US$2.7 billion
in total equity.
Shareholders approved the companys accounts for 2014 and the appropriation of profit of
USD 5.82 million for the year. A sum of USD 0.87 million was transferred to special reserves
and USD4.85 million to retained earnings.
Mr Bashir Ifo, a director representing the ECOWAS Bank for Investment and Development,
who completed his term of office, was reappointed for another three-year term.
Shareholders also ratified the co-option of Dolika Banda, Graham Dempster and Sheila
Mmbijjewe as directors for a term of three years respectively. Alain Francis Nkontchou was
also elected as a director on the board for a three-year term.
The firms Akintola-Williams Deloitte Nigeria, and Grant Thornton, Cte dIvoire were
appointed as Joint Auditors for a one year term.
The meeting also approved the issue of bonus shares, out of retained earnings, of one
ordinary share for every fifteen ordinary shares held on the closure of the companys share
register, in accordance with the rules of the stock exchanges on which Ecobanks shares are
listed. The new shares issued will rank equally with existing ordinary shares of the company.
The meeting authorised the board of directors to determine the modalities for the issue as it
deems appropriate.
Ecobank Group Chairman Emmanuel Ikazoboh said: Our accounts for FY 2014 have shown
a resurgent Ecobank, which enjoys the confidence of all its stakeholders: shareholders
gathered here, customers and its dedicated staff. We can expect similar positive
performance for 2015.
Outgoing Ecobank Group CEO Albert Essien said: Our diversified pan-African business
model continues to serve us well, with encouraging underlying performance in our line of
businesses and geographic areas of coverage. We are pleased with our cost efficiency
gains, which led to our cost-income ratio improving in 2014 to 65.4 percent from 70.1
percent.

Shareholders recognised the invaluable contributions of Essien, who, having reached the
companys mandatory retirement age of 60, retires from the company on June 30 after 25
years of meritorious service. A new successor, Mr Ade Ayeyemi, has been appointed to
replace Mr Essien and will assume office on the 1st of September, 2015. The General
Meeting welcomed this appointment.
ENDS
About Ecobank
Incorporated in Lome, Togo in 1988, Ecobank Transnational Incorporated (ETI) is the
parent company of the leading independent pan-African banking group, Ecobank. It currently
has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi,
Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo
(Democratic Republic), Cte dIvoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana,
Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda,
Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo,
Uganda, Zambia and Zimbabwe. The Group employs over 20,000 people in 40 different
countries in over 1,200 branches and offices. 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 on Ecobank can be found at
www.ecobank.com
Media Contact
Richard Uku
Group Head, Corporate Communications
Ecobank Transnational Incorporated
Tel: +228 93 26 47 16
Tel: +255 (0) 786 209 745
Email: ruku@ecobank.com
Twitter: @GroupEcobank / @richard_uku