Pan-African Bank to aid West African nation's efforts to integrate its financial market with the rest of the continent.
MALABO, Equatorial Guinea
Jan. 10, 2013
Ecobank Transnational Incorporated (ETI),
a pan-African bank based in
with operations in West, Central, East and
, has opened an affiliate in the
capital city of Malabo
to serve as a credit institution in
. The licensing of Ecobank is part of the government's efforts to integrate the country's economy more closely with other African states, support the development of the economy, and improve access to financing.
The opening of Ecobank aligns with the government's implementation of the industrialization project and economic development plans, diversification of the economy to reduce poverty, strengthening transparency in public finance management and good governance, said Vicente Ehate Tomi,
's Prime Minister.
"We are pleased that the authorities of
have issued Ecobank with a license to operate as the fifth bank in the country and to support the development of the economy with access to financing," said
, Ecobank's Chief Executive Officer. Mr. Tanoh said that Ecobank Equatorial Guinea completed the bank's presence in all the member states of the Monetary and Economic Community of
. "Additionally, our presence in
will give the citizens access to Ecobank's footprint across
currently operates in 32 countries throughout the African continent. It has a licensed operation in
and representatives in
is the 33
affiliate of the Group in
About Equatorial Guinea
Republic of Equatorial Guinea
Republica de Guinea Ecuatorial
) is the only Spanish-speaking country in
, and one of the smallest nations on the continent. In the late-1990s, American companies helped discover the country's oil and natural gas resources, which only within the last five years began contributing to the global energy supply.
Equatorial Guinea is now working to serve as a pillar of stability and security in its region of West Central Africa.
The country hosted the 2011 Summit of the African Union. For more information, visit
SOURCE Republic of