Ecobank is seeking to invest US$100mn in its Kenyan business over the next two years in a bid to increase its presence locally
According to the bank, funding to strengthen the bank's will come in instalments with US$25mn already invested into the business.
The new capital will help the bank expand and help Ecobank Kenya stay in compliance with Central Bank of Kenya (CBK)’s US$11.3mn minimum capital requirements.
"We have strengthened management and injected $25mn of additional capital into Ecobank Kenya," said Albert Essien, Ecobank group chief executive officer.
Ecobank is set to invest US$150mn as capital even as it strengthens its Kenyan operations using non-dilutive funding, focusing its efforts on tier two capitals.
"That could come from development finance institutions or other sources. We haven’t yet decided," added Essien.
The group CEO said the bank plans to further capitalise the Kenyan business in 2014 so as to make it a strong hub for Ecobank operations in the region.
Currently Ecobank operates in more than 30 African countries.
