Microfinance Monitor, March 6, 2010: The ownership of ProCredit Bank will pass on to Ecobank in Sierra Leone as the shareholders of both the banks have decided that the ownership of ProCredit Bank be transferred to Ecobank soon.
This will enable Ecobank to expand business operations in the microfinance sector and thus strengthen the group of 30 affiliated banks throughout Africa owned by Ecobank Transnational Incorporated (ETI), a holding company in Togo.
ProCredit Bank (SL) Ltd was established as the only commercial bank in Sierra Leone explicitly focused on providing loans to micro, small, and medium enterprises and on providing deposit facilities. It has launched its Visa card business, including setting up automated teller machines (ATMs) and point of sale terminals (POS’) recently.
ProCredit Bank’s Managing Director André Radloff said, “We are confident that our customers as well as our 215 employees will find in Ecobank a suitable successor of our business approach. Since the business model of ProCredit Bank (SL) Ltd does not fit into the new minimum capital requirements of the Bank of Sierra Leone, the shareholders have decided that our operations have much greater potential under the auspices of Ecobank.”
All ProCredit Bank customers will continue to enjoy the same level and quality of services and Ecobank is committed to the same microfinance target group and will continue to expand outreach, said a press release. The products and services of ProCredit Bank will be re-branded as “Ecobank-Microfinance.”
Ecobank has over 11,000 employees from 30 different countries in over 700 branches. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.
