FMO has arranged a USD 75 mln subordinated term loan providing Tier II capital to Ecobank Nigeria. The 7-year subordinated syndicated loan offered to Ecobank Nigeria will have a strong multiplier effect on the growth of Ecobank’s loan portfolio and enable much needed private sector development in the largest economy of Sub-Saharan Africa.
FMO arranged the transaction and apart from its own USD 30 mln, catalyzed funding from the lenders and participants Deutsche Investitions- und Entwicklungsgesellschaft mbH -DEG (USD20 mln), Amethis Africa Finance Ltd (USD15 mln) and Swedfund International AB (USD10 mln).
Ecobank is a full-service commercial bank with a large and competitive capacity in retail banking. The bank is one of the 8 systemically important banks in Nigeria. It currently has the 2nd largest branch network in the Nigerian banking industry. In addition to its Corporate Bank business, Ecobank focuses on local corporates and SMEs, thereby supporting and creating jobs in the Nigerian economy.
Jibril Aku, the Managing Director of Ecobank Nigeria, commenting on the transaction: “Ecobank is pleased to have worked with FMO in raising additional Tier II capital. With this transaction, we can further support our SME clients in growing this most important and critical sector in Nigeria.”
About FMO
FMO is the Dutch development bank. FMO has invested in the private sector in developing countries and emerging markets for more than 45 years. Our mission is to empower entrepreneurs to build a better world. We invest in sectors where we believe our contributions can have the highest long-term impact: financial institutions, energy and agribusiness. Alongside partners, we invest in the infrastructure, manufacturing and services sectors. With an investment portfolio of EUR 8 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. www.fmo.nl
Press contact:
Paul Hartogsveld
Senior Marketing & Communications
T: +31 70 314 9928
M: +31 6 11589127
