With the covid-19 pandemic still threatening global economies and altering hitherto established social orders, the world is looking to e-commerce as both today’s and tomorrow’s trade solution to overcome the drawbacks created by the pandemic.
Last December, in the midst of the pandemic and its many restrictions on movement, online purchase came in handy for my family. We had stocked up for the Yuletide but we needed to add more choice wines to our wine cellar and guaranty our power supply with a back-up generator. Having not been an e-commerce freak and still old-fashioned about shopping, my wife and I turned to our children for a guide in online shopping.
Ecobank obtains N50bn 10-year subordinated loan
Johnson Okafor
Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has announced that one of its significant subsidiaries, Ecobank Nigeria, secured N50bn, 10-Year bilateral subordinated loan.
According to a statement signed by Adenike Laoye, Group Head, Corporate Communications, the bilateral funding provides 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 transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises and small corporates.
Ecobank Group reported N461.2bn revenue during the nine months ended 30th September 2020, representing nine per cent increase against the corresponding period of 2019.
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-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 transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises (“MSMEs”) and Small Corporates.
A subordinated loan is a debt which ranks after other debts if a company falls into liquidation or bankruptcy. Such debt is referred to as ‘subordinate’ because the debt providers have subordinate status in relation to the normal debt.
Ecobank Transnational Incorporated ( ETI ) is the parent company of the Ecobank Group, the leading independent pan-African banking group. The Ecobank Group employs over 14,000 people and serves over 24 million customers in the consumer, commercial and corporate banking sectors across 33 African countries. The Group has a banking license in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates. The Group offers a full suite of banking products, services and solutions including bank and deposit accounts, loans, cash management, advisory, trade, securities, wealth and asset management. ETI is listed on the Nigerian Stock Exchanges in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan.