2-Apr-14
Eco bank Transnational new chief executive , said he will focus on strengthening the network of banks in 35 countries in Africa and to maximize the return , as he tries to bruising nine -month dispute calm nerves in the following aspects of governance .
In the self- appointed CEO of the company last month, Alberta UTi Sim his first interview that he has been busy reassuring employees, shareholders and depositors as part of efforts to restore confidence.
The group has come out of a cross-border, became Africa worth over 20 billion U.S. dollars and most geographically diverse assets of the bank, was until last month was involved in a protracted boardroom poor contention management charges. Controversy proved a major distraction in a year when the bank expects the economy to strengthen its network and shareholders want dividends received from the fast-growing mainland market.
"As an organization, we grow very fast and we have made ??a series of acquisitions in Nigeria, Ghana and elsewhere. These are the costs and now we want to extract efficiency, and ensure that we in the eastern and southern [ERN Africa] platform has a relatively large embryos have begun to make money, " Essien said.
He is a seaside headquarters economy banks located in Lome, Togo, was founded in 1988, which the bank by breaking the barriers on the continent since the colonial period has been fragmented, west intention venture capital group. “Expansion is almost over. Mantra is to consolidate and improve customer service and ensure that we maximize shareholder returns, " he said.
After the 59- year-old Ghana in 1990 joined the subsidiary in Ghana, worked his way up the economy banks. From his position, he is responsible for corporate and investment banking turbulent meeting of shareholders, his controversial predecessor, Thierry Tano was subsequently dismissed after Deputy CEO Promotion.
He has been to expand the bank's presence in eastern and southern Africa has played a central role , is considered a good smooth , its largest shareholder , South Africa, where he is the relationship between public investment company is based. He said he is also very concerned about the DNA closer to home West Bank dilution.
Recognize the business has stood in the recent storm, he said, the temperature cooled and the deposit has now stabilized. The bank once again to talk about the development of secondary financial institutions to raise more capital , but also in South Africa are awaiting conversion up to 20 % stake in bonds and buy Riley decided by the banks.
The bank's board of directors also meets Monday to review the plan to strengthen the internal control of the following Nigerian Securities and Exchange Commission and other audit recommendations adopted by the shareholders' meeting. Among other things, this will involve the election of a new board of directors and the final choice of successor, Mr. Essien, who reached the retirement age next year Eco bank .
“For a long time , we do not have a regular board meeting , which is just the crisis board meeting and that was sad .. In these challenging times, we are almost at each other's throats, “he said.
The appointment of Mr. Michael Essien, however, seem to have the desired effect, thus ending a fierce battle, threatening to create a pan-African model unlock bank governance issues early success. There are obvious benefits as well as other senior staff feeling.
"The fact that we did not survive showed two things: strong business fundamentals, the brand is strong, “he said. "I see the benefit in getting all stakeholders on board quite critical of my role for me, it is important to look ahead, to establish business and we learn from the past, solve problems, and to become more powerful as a system. "
Bank's economic rise can be plotted in Lome. It’s the oldest CEO Arnold Ekpe said to have harbored doubts coconut falls on the first day the office floor. From modest beginnings in a crowded headquarters, the bank holding company has grown into an imposing special glass building decorated with dozens of African flag.
Parallel Extensions whole continent regulators questioned efforts to develop cross-border supervision is not fast enough to keep up with its regional thrust economic emulate banks and other banks. Essien said that the recent financial crisis has prompted them to take action. “It has pulled out of the West African regulators close, intensive supervision Africa coming together.”
The Bank's current policy requires careful calibration in each of its markets, he added, there is more investment in building more attention to the presence in East Africa and Nigeria accounted for over 40% of the business.
"We need to look at a country by country basis to provide business model and can, so that we get the return to shareholders. You cannot have a one size fits all approach, “he said.
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