Ecobank has increased the efficiency of the bank, rolled out more products and services and improved the bank’s risk management practices.
Assets grew by 67% in 2007 to $122m, and Tier 1 capital was strengthened by 32% to $8m. During the course of 2007, Ecobank Chad formed a lucrative partnership with money transfer giant Western Union, opened three new branches in the country and introduced ATMs to its customers. As a result of these measures the bank managed to return 37% on its equity, up from just 10% in 2006.
In its purchase of International Bank for Africa in Chad, Ecobank has succeeded in modernising the bank and bringing 21st century standards and technology to a tough banking environment. It is now the fastest growing bank in Chad and serves more people in more cities than any other bank in the country. As a result of these improvements, Ecobank Chad is a worthy winner of The Banker’s Bank of the Year award for Chad in 2008.
