Ecobank Secures N50bn Loan To Boost Operation

Ecobank Nigeria has received a N10bn bilateral subordinated loan to boost its liquidity position.

The parent company, Ecobank Transnational Incorporated, announced this on Monday on the Nigerian Stock Exchange website.

The bank said the ten year bilateral subordinated loan would provide stable medium-term liquidity to the balance sheet of Ecobank Nigeria.

ETI also noted that the N10bn loan would positively improve the firm’s balance sheet ratios.

ETI said, “Ecobank Transnational Incorporated, the parent of the Ecobank Group, announces that one of its significant subsidiaries, Ecobank Nigeria, secured N50bn, 10-Year bilateral subordinated loan.

“The bilateral funding provides stable medium-term liquidity to the balance sheet of Ecobank Nigeria and positively improves its balance sheet ratios, especially the capital adequacy ratio by 300 basis points.

“The transaction proceeds would be deployed to support Micro, Small and Medium Scale Enterprises and Small Corporates.”