Ecobank!big and getting even bigger.

 Last year saw Ecobank Transnational Incorporated, the parent company of Ecobank Ghana acquiring 100% stake in The Trust Bank(TTB).Hitherto,Social Security and National Insurance Trust(SSNIT) was the major shareholder with about 60%.SSNIT gave reasons for this move:

This transaction will help SSNIT make sure that the pension scheme is sustainable and that every month we get steady flow of months to pay about 110,000 pensioners we have on a payroll 

This was a big step for Ecobank and I’m left wondering if this acquisition was a “win,win”.The only winners I see in this picture is Ecobank. That’s leaves me trying to figure out how this stands to benefit SSNIT and our pensions in the long.After all our pensions are at stake here.

The bank was then merged into the Ecobank group which saw Ecobank Ghana become the biggest bank in Ghana in terms of profitability and assets.I was really impressed and inspired by the acquisition after hearing what “Mr. Sam Adjei, MD of Ecobank  had to say:

We were very strong in corporate and retail banking, but we were not strong in the SMEs and the local corporate segment of the market. It became obvious to us that TTB would be the best to fit into that gap because it is performing strongly in the SMEs and the local corporate segment.

Well this was a strategic move on Ecobank’s part I must say.I know of key players in Ghana's banking industry who haven’t even attempted what Ecobank has done.I find myself in the banking halls of Ecobank on a regular basis lately.Not because I have an account with them though I would jump at the opportunity to get one.What holds me back is  me constantly telling myself “not today!

On the news last week I heard Ecobank was looking to acquire another bank in Ghana.New group Chief Executive of Ecobank, Thiery Tanoh puts it like this:

There is no reason to say we are too big.Yes big can be ugly or beautiful but we will leave the  ugly for others and take the beautiful. 

Mr Tanoh adds that the bank has no plans of ending it's recent takeovers which has seen ECOBANK present in 35 african countries.He said

We want to be number one.We want to grow faster than anybody else.We want to be better.We are going to continue to have an aggressive,sustainable and healthy growth through acquisition if we find the right partners.That is the only way to be number one.When you find the right opportunities and seize them.

 I learnt a lot from all this.That we have the potential to reach greater heights subject to  how far God want's us to go and not subject to how far others think we should go.Don't call it a holiday and go into hibernation.There is so much more you can achieve.

Related articles

• Ecobank Group makes $1.2b revenue first nine months of 2012 (ghanabusinessnews.com)
• Ecobank opens Beijing office (ghanabusinessnews.com)
• Ecobank Gets Superbrands Awards (modernghana.com)