Sierra Leone: Ecobank acquires ProCredit

  1. Posted on Wednesday 10 March 2010 - 12:30
    Murtala
    Image of Murtala
    Murtala Mohammed Kamara, AfricaNews repoter in Freetown, Sierra Leone
    ProCredit bank (SL) Ltd Sierra Leone has announced that they are unable to meet the 'new' regulation of the Sierra Leone's Central Bank and therefore will soon pass off ownership to Ecobank.
    Ecobank
    The transfer will enable Ecobank to expand business operations in the microfinance sector and thus strengthening the group of 30 affiliated banks throughout Africa owned by Ecobank Transnational Incorporated (ETI), a holding company in Togo.

    “We are confident that our customers as well as our 215 employees will find in Ecobank a suitable successor of our business approach. Since the business model of ProCredit Bank (SL) Ltd does not fit into the new minimum capital requirements of the Bank of Sierra Leone, the shareholders have decided that our operations have much greater potential under the auspices of Ecobank.” André Radloff, ProCredit Bank’s Managing Director maintains.

    ProCredit Bank assures its numerous customers that they will still continues to enjoy the same level and quality of service and Ecobank is committed to the same microfinance target group and will continue to expand outreach according to a press statement.

    ProCredit bank is among the 11 commercial bank operating in Sierra Leone with other 28 branches and 11 international money transfer agents. Over the years ProCredit bank (SL) Ltd has gained wider recognition as the only commercial bank in Sierra Leone which explicitly focused on providing loans to micro, small, and medium enterprises and on providing deposit facilities.

    It has launched its Visa card business, including setting up automated teller machines (ATMs) and point of sale terminals (POS’) recently.

    Ecobank has over 11,000 employees from 30 different countries in over 700 branches. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.

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