Ecobank Transnational Incorporated, the parent bank of the Ecobank Group, on Monday announced that one of its significant subsidiaries, Ecobank Nigeria, secured a N50 billion loan to boost its operations.
ETI said the 10-year bilateral subordinated loan would help provide stable medium-term liquidity to the balance sheet of Ecobank Nigeria.
The announcement on the loan was contained in a formal notification to its investors and the general public filed with the Nigerian Stock Exchange (NSE),
The notification also said the loan would help positively improve the bank’s 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.