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ASEA CONFERENCE, ACCRA GHANA OCTOBER 2007

ASEA CONFERENCE, ACCRA GHANA OCTOBER 2007. CROSS BORDER INVESTMENTS INVESTOR/ISSUER EXPERIENCE THE CASE OF ETI. ABOUT ECOBANK. INCORPORATED IN 1985 OPERATIONS IN 20 AFRICAN COUNTRIES LISTED ON 3 STOCK EXCHANGES OVER 6000 SHAREHOLDERS OVER 450 BRANCHES

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ASEA CONFERENCE, ACCRA GHANA OCTOBER 2007

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  1. ASEA CONFERENCE, ACCRA GHANA OCTOBER 2007 CROSS BORDER INVESTMENTS INVESTOR/ISSUER EXPERIENCE THE CASE OF ETI

  2. ABOUT ECOBANK • INCORPORATED IN 1985 • OPERATIONS IN 20 AFRICAN COUNTRIES • LISTED ON 3 STOCK EXCHANGES • OVER 6000 SHAREHOLDERS • OVER 450 BRANCHES • FOUNDED BY THE WEST AFRICAN CHAMBER OF COMMERCE WITH THE SUPPORT OF ECOWAS

  3. WHAT MAKES ECOBANK UNIQUE • INDEPENDENT • REGIONAL IDENTITY • MULTICULTURAL • MULTINATIONAL • COMMITMENT TO AFRICA • BUILDING AFRICAN CAPACITY

  4. ECOBANK MISSION TO BUILD A WORLD CLASS AFRICAN BANK AND TO CONTRIBUTE TO THE ECONOMIC AND FINANCIAL DEVELOPMENT OF AFRICA

  5. BUILDING A WORLD CLASS BANK • IFRS • ACCOUNTS IN US$ • IFC GUIDELINES ON CORPORATE GOVERNANCE • SIGNIFICANT INVESTMENTS IN TECHNOLOGY

  6. CONTRIBUTING TO THE ECONOMIC & FINANCIAL DEVELOPMENT OF AFRICA • ECOBANK FOUNDATION • SHARED SERVICES CENTRE • CONSUMER FINANCE • STOCK MARKET LISTINGS • REGIONAL CONVERTIBILITY • NEAR / POST CONFLICT COUNTRIES • MICROFINANCE

  7. SHAREHOLDER HISTORY • INITIALLY LIMITED TO WEST AFRICANS • NON-WEST AFRICANS PERMITTED AFTER 1998 • OVER 6000 LOCAL, REGIONAL & INTERNATIONAL INVESTORS • SIMULTANEOUS LISTING ON 3 STOCK EXCHANGES IN SEPTEMBER 2006

  8. SHAREHOLDER EXPERIENCE • NO SHAREHOLDER WITH 10% OR MORE OF SHAREHOLDING • SHAREHOLDERS GENERALLY SUPPORTIVE & CONSTRUCTIVE • SHAREHOLDING DOES NOT GUARANTEE BOARD SEAT

  9. NEW TYPE OF INVESTOR IN AFRICA • INCREASING PRESENCE OF HEDGE FUNDS AND PRIVATE EQUITY FIRMS • MORE AGGRESSIVE • CHASING HIGHER YIELDS • AWARE OF WEAKNESSES IN REGULATION AND ENFORCEMENT

  10. A CASE OF FATAL ATTRACTION • UNIQUE , ATTRACTIVE NETWORK • NO CONTROLLING SHAREHOLDER, NATIONALITY OR INTEREST GROUP • FIERCELY INDEPENDENT

  11. INVESTORS COME IN 3 TYPES • GOOD - TRANSPARENT AND CONSTRUCTIVE • BAD – UNDESIRABLE / ILLEGITIMATE • UGLY - NOT TRANSPARENT

  12. NOT ALL INVESTMENTS ARE EQUAL • PORTFOLIO INVESTMENT IS GOOD • FOREIGN DIRECT INVESTMENT IS BETTER • LOCAL + FOREIGN DIRECT INVESTMENT IS BEST

  13. LESSONS LEARNT • DO YOUR DUE DILLIGENCE • ASK HARD AND TOUGH QUESTIONS • BE PREPARED TO DEFEND THE INSTITUTION • ENGAGE THE REGULATORS EARLY • HARMONISED RULES WILL FACILITATE MULTIPLE LISTINGS

  14. POLICY ISSUES • MARKET PROTECTION vs. INVESTOR PROTECTION • TRANSPARENCY AND DISCLOSURE • ARE AFRICAN COMPANIES READY FOR THE NEW TYPE OF INVESTOR? • ARE REGULATORS READY?

  15. SOME CLOSING REMARKS WHEN INVESTOR PROTECTION IS PUT AHEAD OF MARKET PROTECTION, WE RUN THE RISK OF CREATING A CASINO FOR PROTECTED SPECULATORS

  16. SOME CLOSING REMARKS FOREIGN PORTFOLIO INVESTMENT IS NOT A VIABLE OR SUSTAINABLE MODEL FOR ECONOMIC DEVELOPMENT

  17. SOME CLOSING REMARKS ONLY NATIONALS CAN DEVELOP THEIR OWN COUNTRY. FOREIGN INVESTORS CAN ONLY HELP.

  18. ASEA CONFERENCE, ACCRA GHANA OCTOBER 2007 THANK YOU FOR YOUR ATTENTION

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