Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has announced the appointment of Jeremy Awori to succeed Ade Ayeyemi as Chief Executive Officer who is retiring. Jeremy Awori joins the Ecobank Group after a twenty-five year career in the banking industry, including nearly ten years as Managing Director of Absa Bank Kenya Plc.
By the editor
Read more : Appointment: Jeremy Awori new CEO of EcobankThe Togo-headquartered pan-African lender yesterday confirmed the appointment of Mr Awori — the outgoing Absa Kenya chief executive — to replace Nigerian Ade Ayeyemi, who is set to retire after attaining the age of 60 in accordance with the bank’s policy.
Ecobank chair Alain Nkontchou said Mr Awori beat his peers by his experience, delivering an above-average return on equity and reduction of cost-to-income ratios at Absa Kenya.
» The Kenyan banker emerged the best fit for Ecobank as the lender consolidates its position on the continent »
He said the Kenyan banker emerged the best fit for Ecobank as the lender consolidates its position on the continent through bringing costs down to 50 percent of income, managing structural currency losses, driving digital transformation and increasing profitability through diversified growth.
“Jeremy was fairly ahead of the pack in the sense of what he has been able to achieve in his previous career starting from return on equity of 23 percent over the last few years and cost-to-income ratio coming down from 56 to 43 per cent,” said Nkontchou. “So that’s a good performance, coupled with decent knowledge about the African market.”
« I am humbled by the opportunity to contribute to the economic development and financial integration of the continent with the Ecobank Group »
« I am very honored to have been appointed to lead the Ecobank Group. I look forward to consolidating the transformation of Ecobank, a truly pan-African institution with many talents, and creating value for all stakeholders. I am humbled by the opportunity to contribute to the economic development and financial integration of the continent with the Ecobank Group, » said Jeremy Awori.
Jeremy Awori joins the Ecobank Group after a 25-year career in the banking industry, including nearly 10 years as Managing Director of Absa Bank Kenya Plc.
Prior to joining Absa, Jeremy Awori held several senior positions at Standard Chartered Bank in the Middle East and Africa. He brings a wealth of banking experience, skills and expertise to the Ecobank Group
Awori joins the pan-African lender at a time it is angling for a larger market share as multinational banks exit the continent.
Barclays, Standard Chartered and Atlas Mara have exited several African markets recently, leaving a void for local banks to exploit.
“Obviously this opens some doors to Ecobank to capture some market share and which is always welcomed. We are, committed to the countries where we are investing, focusing on our customers and delivering a return to our shareholders,” said Nkontchou.
Ecobank is one of the largest banking groups on the continent outside of South Africa, with an asset base of Sh3.3 trillion ($27.5 billion) and more than 32 million customers in 33 markets across the continent.
