Ecobank's new CEO jets in

HARARE - Ecobank International (Ecobank)’s newly appointed chief executive Thierry Tanor is expected in the country today.

Tanor’s agenda involves mapping the Pan African group’s Zimbabwe unit growth strategy among, other key issues.

In 2010, Ecobank — which has operations in 32 countries — bought a 70 percent stake in the then Premier Finance Group and renamed the financial institution Ecobank Zimbabwe Limited (EZL).

Ecobank has in the past two years injected $19,8 million into EZL.Tanor’s visit comes a week after the expiry of the central bank’s recapitalisation deadline.

EZL has indicated that it would meet the revised capital requirements set by the Reserve Bank of Zimbabwe compelling commercial banks to have $100 million as minimum capital by June 2014.

In the six months to June 30, 2012, Ecobank posted a $133 000 post tax profit recovering from a $1,4 million loss registered same period prior year spurred by incomes growth.

Meanwhile, Tanor takes over from Nigerian banker Arnold Ekpe who retired from the bank in December after a combined 12 years in his two stints as the group’s chief executive.

Ekpe was in the country in September last year.

The Ivorian-born Tanor was appointed chief executive designate of the Ecobank group at the end of 2011, as part of a succession plan put in place as a result of the impending retirement of Ekpe.

He commenced his executive role in July last year. Tanor joined Ecobank from the International Finance Corporation, a member of the World Bank.

Prior to joining IFC, Tanor worked for a Paris-based consultancy firm and with the banking commission of the West African Central Bank in Abidjan, Ivory Coast. - John Kachembere

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