Global Finance, the world-renowned magazine that focuses on emerging market insights and intelligence, has named the Ecobank Group (‘Ecobank’ or ‘the Group’) as its first-ever ‘World’s Best Frontier Markets Bank’ in 2013.
Additionally, the Group has won the magazine’s ‘Best Bank in Africa’ award for the second year running. Mr. Albert Essien, Ecobank’s Deputy CEO and Group Head of Corporate and Investment Banking, accepted both awards on the Group’s behalf at a ceremony held in Washington DC at the weekend, timed to coincide with the Annual Meetings of the World Bank and IMF.
These distinctions were based on Ecobank’s performance over the past year, as well as other subjective criteria, including reputation and management excellence. Global Finance made their selections after extensive consultations with bankers, corporate finance executives and
“In light of the uncertainty facing developed markets, and with emerging markets struggling to maintain their growth rates, the corporate world is beginning to take notice of frontier markets as a new area of opportunity,” said Global Finance’s publisher, Joseph D. Giarraputo. “These markets are in a position comparable to where emerging markets were 20 years ago and they are poised for serious growth. Ecobank has demonstrated vision and confidence in Africa’s long-term growth potential, bringing mobile banking services to previously unbanked frontier markets.”
Global Finance also named five Ecobank affiliates as “the Best Emerging Market Banks in Africa”, namely Burkina Faso, Côte d’Ivoire, Ghana, Guinea (Conakry), and Togo. Criteria for choosing these winners included growth in assets, profitability, strategic relationships, customer service, competitive pricing and innovative products.
Group CEO, Thierry Tanoh, commented: “Strong economic growth, a youthful population and increasing consumption make Africa an attractive investment proposition and Ecobank is strategically positioned to benefit from many of these growth drivers. These awards are testament to the success of our pan-African vision and we continue to invest for the long-term, with a focus on customer service innovation which, we believe, will shape the future of banking in Africa.”