From Standard Digital

Togolese-based Ecobank Transnational Incorporated (ETI) has announced plans to revamp its operations in Kenya by injecting fresh capital. The idea is to make Ecobank Kenya, the group’s hub in the East Africa region. This comes at a time when Ecobank Kenya, is gaining its foothold in Kenya after acquiring the former East African Building Society (EABS). Although Ecobank operations in East Africa managed to reduce its operating loss marginally in 2013, strategic challenges remain. This is according to the Group’s annual report, 2013. “To start addressing these, we have strengthened management and injected $25 million (Sh2.175 Billion) of additional capital into Ecobank Kenya. The group intends to further capitalize the Kenyan business in 2014 so it can act as a strong hub for our operations in the region,” said Ecobank Group Chief Executive Officer Albert Essien.

 

 

Written by Jackson Okoth/Read more at Standard Digital