Ecobank Senegal last year began rolling out a new retail business strategy, which is squarely focused on organic growth. The group more than doubled its branch network from seven to 16 outlets throughout the country, and doubled its number of customers to 18,000. In its capital markets business, the bank was involved in major structuring transactions, like leveraged buyouts and syndicated loans, in key industries such as utilities. EBS set up Ecobank kiosks in key areas to provide customers with first-hand knowledge of the bank’s business. It also launched a regional debit card.
EBS was the star performer in the Senegalese market in 2006 in terms of loan and deposit growth, moving to fifth place in the ranking from eighth a year earlier. The bank boosted its Tier 1 capital by 52% last year, a significant achievement given the flat rate of growth in the two previous years. At the same time, the asset base was increased by 66%, continuing the steady gains registered over the past three years. The bank’s net profits were up 30% and, in spite of the highly competitive environment in the domestic financial services market, it managed to cut its cost-income ratio by one percentage point to 62%.
“A year of challenges, 2006 can be considered as the symbol of Ecobank Senegal’s development: network development, client portfolio enlargement, profit growth,” says chief executive Ehouman Kassi. “We count on sustaining this growth and becoming one of the three leading banks in the market by 2010, and to build the main African group. We are honoured to receive this award and dedicate it to our staff and customers.”
