The International Finance Corporation (IFC) has invested $100 million in Ecobank Transnational Inc (ETI), the bank said, making the IFC one of the largest shareholders in the pan-African bank. The investment stems from a $100 million convertible loan the IFC, the World Bank's private sector arm, granted Ecobank in July 2008 to help it expand its operations in Africa, Ecobank said late on Friday.
Togo-based ETI is the parent company of the Ecobank group, which operates in 31 African countries and is listed in Ghana Ivory Coast and Nigeria. Last year, Ecobank raised $150 million in long-term capital from development finance institutions and $566 million in a share and rights issue, which fell short of the $2.5 billion the company had targeted. The bank's pre-tax profits were $162 million in 2008, down from $191 million the year before.
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