Ecobank denies reports of closing operations in Zambia

Ecobank, a pan-African bank, has denied media reports that its operations in Zambia will soon cease as it was facing liquidity problems, the bank said in a statement Thursday.

The Nigerian-headquarter bank said it has since embarked on a strategic plan to focus on growing its business in Zambia through innovation and technology.

"Ecobank is here to stay and we are progressing with the strategic plans set for the entire Central, East and Southern Africa region. We are consolidating our businesses to ensure that we give our customers optimal service. In Zambia, we are focused at enabling our customers to transact their business efficiently, conveniently and fast," Kola Adeleke, the bank's managing director in Zambia said in a statement.

Some local media have reported that Ecobank was on the verge of closing its operations in Zambia because it was allegedly insolvency.

This follows the takeover of another commercial bank, the Intermarket Banking Corporation, by the country's central bank last week.

But the bank has denied reports of being insolvency, saying its capital adequacy ratio was 37 percent way above minimum requirement of 10 percent and liquidity ratio of 34 percent against minimum regulatory requirement of six percent.

These results attest to the trajectory the bank is taking while delivering cutting edge service to its customers, he added.

The country' s central bank has already stated that no other bank will be closed while the government has assured of a stable financial sector. Endit