By Fola James
The N50 billion loan secured by Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated, ETI would be used to support the Small and Medium Scale Enterprises, SMEs and small businesses in the country, the lender has said.
The parent company disclosed in a statement to the Nigeria Stock Exchange, NSE on Monday, that the 10-year bilateral subordinate loan would provide stable medium-term liquidity to the balance sheet of Ecobank Nigeria and positively improved its balance sheet ratios, especially the capital adequacy ratio by circa 300 basis points. The statement was signed by Adenike Laoye Group Head, Corporate Communications of ETI.
The statement said “Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank Group, announces that one of its significant subsidiaries, Ecobank Nigeria, secured N50 billion, 10-Year bilateral subordinated loan.
“The bilateral funding provides stable medium-termliquidity to the balance sheet of Ecobank Nigeria and positively improved its balance sheet ratios, especially the capital adequacy ratio by circa 300 basis points.
“The transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises (“MSMEs”) and Small Corporates.”
The bank, late last year launched Smart Small and Medium Enterprise (SME) Agency Banking campaign targeted at empowering 100,000 entrepreneurs under the Ecobank SME and Agency Banking proposition.This is in line with the bank’s commitment to support the federal government and Central Bank of Nigeria, CBN vision for financial inclusion across the country, the lender said.
