Dear Shareholders.
I have the honour of writing this first letter to Shareholders in my capacity as Chief Executive Officer of Ecobank Transnational Incorporated, a position I have occupied since 1 March 2023.
Over the years, Ecobank Group has consistently delivered value for Africa, Africans and friends of Africa. I am excited about the opportunities to deliver even greater value and continue to play our part in providing world-class financial services and contributing to the economic integration of the continent.
Despite the challenging global macroeconomic environment, including the volatility affecting the banking sector, I am conscious of the significant opportunities that exist on the continent, particularly for a Pan-African banking group such as ours. As a firm, we have fully embraced technology, mobilised the best talent – currently representing 43 nationalities – and maintained a boldness and readiness to innovate in the delivery of our Pan-African vision. More than any other financial institution, we have created an Africa without borders, through the delivery of our financial services and ‘One Bank’ model. We have a valuable brand that is not easily replicated, and our commitment to enabling communities to thrive on the continent is without question.
Since my appointment, I have had the privilege of visiting and engaging with some of you, as well as our regulators, authorities, and affiliates. I have revalidated our opportunities while experiencing first-hand the challenges that we must address. I am proudly leading my colleague Ecobankers on a firm course to decisively realise the opportunities and overcome the challenges while monetising our strategic investments across the continent and beyond. We are committed to delivering value to our shareholders and will ensure disciplined attention to the basic requirement of running an efficient and sound banking group. Furthermore, we will place our customers and clients at the centre of all that we do.
Ecobank Group has been on a results-oriented journey of transformation. For this and the commendable results, I would like to applaud my predecessor, Ade Ayeyemi, for his hard work and leadership. We will build on what has been achieved. I am conscious that our two-year Execution Momentum Strategy ended in December 2022. I will work with management and the Board to build our strategy for the future, which will decisively take the Ecobank Group to its next levels in the service of the continent. We will focus on further growing our large markets, and this will include further transformation of our Nigeria business, consolidation of our leadership positions in the markets where we are leading and grow and transform our businesses in currently subscale markets.
Clearly, the foundations laid in the payments business have created opportunities for the firm which we will pursue with vigour. Moreover, while preserving the important positioning and impact of our Corporate and Investment Banking business, we also recognise the opportunities that a youthful, entrepreneurial and thriving Africa presents for our Commercial Banking and Consumer Banking businesses.
Significant resources have been invested to clean up our legacy portfolio. We will preserve these benefits, and ensure discipline and rigour in asset creation, diligence in the application of internal controls and commitment to value-based spending. In this connection, we will also tap into the energy and creativity of our youthful workforce; ensure that we maintain our growth trajectory both sustainably and inclusively; while we preserve our leadership positions and gain new ground. Our focus, in conclusion, will be on growth, transformation and returns.
Jeremy Awori
Chief Executive Officer, Ecobank Group