Shareholders of Ecobank Transnational Incorporated (ETI) approved a dividend of $28 million, or $0.11 per share, at their general meeting in Lomé, Togo, on Wednesday, May 17. The dividend level for this year represents a 32.25% decrease compared to the previous year. The new CEO attributed the company’s robust performance to its diversified business model, expertise in the digital field, innovative approaches, and operational efficiency. During an extraordinary meeting following the ordinary general meeting, shareholders authorized the executive management to mobilize $500 million in 2023 to strengthen the institution’s sustainable resources.
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Togo: Ecobank appoints new CEO
Jeremy Awori has been appointed as the new CEO of Ecobank Group, replacing Ade Ayeyemi who had been in the role for six years. He brings with him over 25 years of experience in the banking industry, including close to a decade serving as CEO and Managing Director of Absa Bank Kenya Plc. Prior to joining Absa, Jeremy served in leadership roles at Standard Chartered Bank across the Middle East and Africa.
Categories: Banks -
Togo: CBI Togo’s Islamic finance window shows growth
As of the end of 2022, the Islamic finance activities of the Togolese subsidiary of Coris Bank International (CBI Togo), the third largest banking player in the country, represented CFA900 million ($1.61 million) in financing provided to customers and around CFA1.6 trillion ($2.86 billion) in collected resources. CBI Togo launched its new savings plan, “Epargne Hadj,” which follows Islamic finance principles and aims to make the process of pilgrimage easier. The Togo government has previously raised resources through Islamic bonds (Sukuks). The global Islamic finance industry was worth over $2.8 trillion in 2021, slightly more than 1% of conventional finance.