ETI appoints Hervé S. Assah, as Independent Non-Executive Director from the CEMAC Region

AFRICA – Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, announces the co-option to its Board of Directors of Hervé S. Assah, as Independent Non-Executive Director from the CEMAC Region.

Hervé S. Assah is a national of Congo Brazzaville with almost four decades’ experience as a senior executive in various fields, including investment and financial advisory, global trade development, public private partnerships in emerging markets, regional development and business strategy amongst others.

Assah is Managing Partner of Aequaria Capital, a fund management company focused on growth companies in sub-Saharan Africa.

For over 20 years, he held senior roles at the World Bank, including Lead Private Sector Development Specialist in the Finance Competitiveness & Innovation Global Practice; Country Manager and Resident Representative for Togo; Senior Private Sector Development & Public Private Partnership Specialist; and Investment Officer for worldwide oil, gas, and mining sectors at the World Bank Group’s International Finance Corporation.

Assah has also worked with the African Development Bank as Country Manager and Resident Representative for Nigeria and ECOWAS; Vice President, Corporate Finance, Global Emerging Markets Group, Head of sub-Saharan Africa at BNP-Paribas; and Senior Associate, Corporate Finance Global Emerging Markets Group at Deutsche Bank.

He holds an MBA from the Wharton School, University of Pennsylvania; an MSc in International Economics and Finance from Paris Sorbonne University; and a Master of Management and Business Administration from the Institut Supérieur de Gestion, Business School, Paris.

Meanwhile, ETI has disclosed plan to raise US$300 million senior notes from the international debt capital market.

The group revealed this in a notification to the Nigerian Stock Exchange (NSE) last Friday. According to the group, the funds would be raised by its key subsidiary, Ecobank Nigeria Limited and the transaction is pursuant to the United States Securities and Exchange Commission Rule 144A and Regulation S.

ETI explained that the proceeds of the Eurobond would provide medium term funding and help to enhance the capacity of the bank to support international trade and service in Africa.

The group disclosed that the Central Bank of Nigeria (CBN) has confirmed that it has no objection to the transaction, adding that the transaction is subject to prevailing market conditions and the conclusion of the necessary documentation.

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