Connect with us

Banking

Ecobank named among top three banks in capital importation to Nigeria

Published

on

 

BY OUR EDITOR

The National Bureau of Statistics (NBS) has named Ecobank Nigeria as one of the top three banks through which foreign investors have pumped money into Nigeria’s economy.

Details of the Bureau report showed that out of 26 banks foreign investors used to deploy foreign capital into the country, the most investment came through Stanbic IBTC Bank, Ecobank and Standard Chartered Bank, in that order.

The highest figure of $1.63 billion worth of investment in the third quarter of this year came through Stanbic IBTC, even though slightly lower than $1.76 billion it had in the previous quarter.

Ecobank followed with $754.38 million worth of foreign investment, while Standard Chartered Bank, a wholly-owned subsidiary of UK-based Standard Chartered Bank occupied the third position with $502.47 million inflows.

Access Bank got $477.55 million; Rand Merchant Bank, $430.15 million; Citibank Nigeria Limited $350.95 million; while First Bank of Nigeria had $307.94 million.

According to NBS, while the total value of capital importation into the Nigerian economy fell by 7.78 percent to $5.36 billion in the third quarter of 2019 from the previous quarter, Ecobank Nigeria attracted $754.38 million worth of foreign investment, representing 55.41 percent more capital thus making the bank foreign investors’ favourites for investment deals.

Mrs Adetokunbo Uko, Country Treasurer, Ecobank Nigeria, said the bank was leveraging on its pan-African strategy to attract capital to the nation’s economy, stressing that the bank remains committed to increasing capital flows to Nigerian financial market.

“As a gateway to the African market for foreign direct and portfolio investments, Ecobank Nigeria is leveraging on its Pan-African platform, people and products to contribute to the financial and economic development of Nigeria through provisions of foreign exchange solutions and fixed income products to local and foreign customers,” Mrs Uko said.

She added: “We remain committed to our African strategy, to increase capital flows to Nigerian financial market through enhanced product offerings, good customer experience and transparency in all transactions.”

The Ecobank Country Treasurer restated the bank’s commitment to redouble its efforts on all fronts to remain foreign investors’ favourite for investment deals and also claim its rightful position in the industry.

Facebook Comments
0 0 votes
Article Rating
Advertisement
Comments
0
Would love your thoughts, please comment.x
()
x