DGAP-News: ADC African Development Corporation continues successful growth strategy of banking operations in Zimbabwe ++ Premier Finance Group re-branded to Ecobank Zimbabwe
(firmenpresse) - DGAP-News: ADC African Development Corporation GmbH&Co. KGaA / Key
word(s): Miscellaneous
ADC African Development Corporation continues successful growth
strategy of banking operations in Zimbabwe ++ Premier Finance Group
re-branded to Ecobank Zimbabwe
10.02.2011 / 10:18
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After the promising start in Q3 2010 of the joint venture with Ecobank
Transnational Incorporated ('ETI') in Zimbabwe with the aim to further
capitalize ADC's Premier Finance Group Zimbabwe ('PFG'), the partnership is
starting to yield fruits. ETI, the pan-African banking group with over
11,000 employees active in 30 African countries with more than 750 branches
has incorporated PFG into its identity and re-named the institution to
Ecobank Zimbabwe. In Zimbabwe, with its rapidly improving economic
environment, this step helps to grow the business even more rapidly. ADC
remains invested in Ecobank Zimbabwe with 13.5%.
The access to capital from ETI's strong asset base enables Ecobank Zimbabwe
- based on the restructuring work ADC had done after its initial investment
- to meet the regulatory requirements and return to profitability in the
course of 2011 supplied by the widely accepted reputation of the brand
Ecobank in Sub-Saharan Africa.
ADC and ETI see the partnership in the Board of Ecobank Zimbabwe as the
foundation of a strong relationship and as a first action appointed Daniel
Sackey as new CEO for the banking institution. Daniel Sackey, the former
CEO of Ecobank Rwanda, has successfully expanded the operations of ETI in
Rwanda and business grew significantly during his term of office. He is
well-known as a strong CEO and has an extensive network in sub-Saharan
Africa.
Len Steffen, formerly appointed as CEO of PFG, has returned to ADC after
the successful initiation of the restructuring process and continues to
work for the operational team of ADC.
The restructuring process conducted by Len Steffen and the entry of ETI has
set the bank on course for rapid growth in 2011 and bears the chance to
successfully grow a market leader in Zimbabwe. ADC and ETI will continue to
develop the operational business of the bank in a close partnership. ADC is
prepared to harvest its strong Zimbabwean presence by making further
investments based on the now existing strong platform.
'We want to thank Len Steffen for his successful efforts and time spent in
Zimbabwe and wish Daniel Sackey best success for his new position. We are
convinced that Ecobank Zimbabwe has the chance to become one of the leading
banks in the country with the new strategic direction implemented by ETI',
commented Olaf Meier, Managing Director of ADC. And further: 'While ADC
focuses on investments in sub-Sahara Africa, we see Zimbabwe as one of the
most important markets facing a turnaround situation with high-promising
growth in GDP. We have excluded North Africa from the beginning as
investment destination and therefore do not have to deal with the current
turmoil.'
++ About ADC
ADC African Development Corporation, ISIN DE000A1E8NW9 (ticker symbol:
AZC.GR), was established in September 2007 and quickly positioned itself as
one of the leading investors for banks and insurance companies in the
above-average growth markets ofsub-Saharan Africa. The company's success
is primarily due to its local management team which follows international
best practice principles to further develop banks and implements
conventional international processes to increase their profitability. As
the second international emerging market investor in the world, ADC was
integrated into the insurance solution offered by the Multilateral
Investment Guarantee Agency ('MIGA'), a member of the World Bank Group,
primarily due to its strong operational approach and adherence to the
highest ethical standards. This insurance offers protection against a
variety of political risks, in particular the risk of radical political
change.
++ About ETI
Incorporated in Lome, Togo, Ecobank Transnational Incorporated (ETI) is the
parent company of the leading independent regional banking group in Africa.
It currently has a presence in 30 African countries. The group also has an
affiliate EBI S.A. in Paris and a representative office in Dubai, United
Arab Emirates. ETI has over 11,000 employees with 35 nationalities in over
750 branches. Ecobank is a full retail, investment and transaction banking
services business and provides products to governments, financial
institutions, multinationals, international organizations, medium, small
and micro businesses and individuals.
Contact:
Olaf Meier
Managing Director
investor-relations(at)african-development.com
T +49 69. 719 12 80 0
End of Corporate News
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Language: English
Company: ADC African Development Corporation GmbH&Co. KGaA
Grüneburgweg 18
60322 Frankfurt/Main
Deutschland
Phone: +49 69 719 12 80 00
Fax: +49 69 719 12 80 011
E-mail: info(at)african-development.com
Internet: www.african-development.com
ISIN: DE000A1E8NW9
WKN: A1E8NW
Listed: Freiverkehr in Berlin; Open Market (Entry Standard) in
Frankfurt
End of News DGAP News-Service
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111779 10.02.2011
Datum: 10.02.2011 - 10:18 Uhr
Sprache: Deutsch
News-ID 33183
Anzahl Zeichen: 0
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Kategorie:
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