Ecobank is reviewing its expansion strategy following a decline in profits and may pull out of some African countries to focus on its most promising markets, Chairman Emmanuel Ikazoboh said.
Ecobank is based in Togo and operates in 36 African countries, making it a rare example of a pan-African bank that has developed outside South Africa, home to giants such as Standard Bank and FirstRand.
But falling global commodity prices that have hit economies in countries such as Nigeria and Ghana have caused revenue to slow, profits to fall and triggered a shift in approach.
“The business model whereby we are just expanding and posting our flags (in different countries) has to be reconsidered,” Ikazoboh said.
Source: Arab News