Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has announced that it is exploring plans to acquire a significant equity stake in The Trust Bank of Ghana Limited (TTB).
The objective of the transaction is to combine TTB’s business with that of Ecobank Ghana Limited position the merged entity as the leading bank in Ghana.
Ecobank’s Chief Executive Officer, Arnold Ekpe said there have been many positive developments in the Ghanaian market in recent years.
“When consummated, the combined bank will be better positioned to support the growth and development aspirations and the increasing financial needs of the Ghanaian economy,” Ekpe acknowledged in a statement sent to Business Times.
He added that the strategic transaction which is subject to requisite due diligence, regulatory and corporate approvals is fully in line with Ecobank’s strategy to be a major player in each market where it operates.
“It will bring to Ecobank strong operational synergies, particularly in its network and in terms of complementarities of products, knowledge and know how to better meet the needs of its clients in Ghana,” the statement said.