From Awareness Times Newspaper in Freetown

NOTICES & DOCUMENTS
ProCredit Bank (Sierra Leone) Ltd Press Release
By
Mar 5, 2010, 17:06

ProCredit Bank 
Press Release
 Freetown, 4th March 2010


PROCREDIT BANK SIERRA LEONE WILL
CONTINUE BUSINESS OPERATIONS
AS ECOBANK-MICROFINANCE

 

The shareholders of Ecobank (Sierra Leone) Ltd. and ProCredit Bank (Sierra Leone) Ltd. would like to announce that, through amicable discussions, it has been jointly decided that the ownership of ProCredit Bank will be transferred entirely to Ecobank in the near future. This will provide Ecobank (Sierra Leone) Ltd. the opportunity to expand business operations in the microfinance sector and thus strengthen the group of 30 affiliated banks throughout Africa owned by Ecobank Transnational Incorporated (ETI), a holding company based in Togo.


ProCredit Bank (SL) Ltd was established as the only commercial bank in Sierra Leone explicitly focused on providing loans to micro, small, and medium enterprises and on providing deposit facilities to everybody. It has also made great strides in developing the banking sector in Sierra Leone by launching its Visa card business, including setting up automated teller machines (ATMs) and point of sale terminals (POS).


ProCredit Banks Managing Director Andr Radloff says, We are confident that our customers as well as our 215 employees will find in Ecobank a suitable successor of our business approach. Since the business model of ProCredit Bank (SL) Ltd does not fit into the new minimum capital requirements of the Bank of Sierra Leone, the shareholders have decided that our operations have much greater potential under the auspices of Ecobank.


All ProCredit Bank customers will continue to enjoy the same level and quality of services. Ecobank is committed to the same microfinance target group and will continue to expand outreach. The products and services of ProCredit Bank will be re-branded as Ecobank-Microfinance. 


Ecobanks Managing Director Clement Dodoo says, The strong foundation established by ProCredit Bank, including a talented and very committed staff, combined with the strength of Ecobanks management, its branch network, and its capital base will significantly enhance access to the services required by Sierra Leones middle and lower income clients. This will give Ecobank Sierra Leone additional strength.


The ProCredit Management Team will support Ecobank for the entire transition phase in the interest of insuring a smooth transition for all parties, most of all the valued clients of ProCredit Bank.


About Ecobank (www.ecobank.com)
: Ecobank has over 11,000 employees from 30 different countries in over 700 branches. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.

For further information please contact:


Andre Radloff              Clement Dodoo

Managing Director       Managing Director

ProCredit Bank Sierra Leone Ltd 
Ecobank Sierra Leone Ltd 



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