Ecobank Transnational Incorporated’s (ETI) Article of Association (which ensures that the bank is owned and managed by persons who subscribed to the African ideals of the company) has been amended because of the global rapid expansion of the bank.
Now, investors who do not subscribe to the bank’s pan African ideals can be shareholders.
The bank maintained that its ‘pan African’ ideals will ensure that the conduct of ECOBANK business will be guided by principles of unity and solidarity of all the African people everywhere as a basis for economic, social and political and prosperity of the African continent.
This happened in a special resolution tabled at its at its Extraordinary Meeting in Lome, Togo where Ecobank proposed an amendment which will ensure that the bank is owned and managed by Africans.
Shareholders however voted to it throw out because they did not think it was practical as the bank was aiming to become a global financial institute.