Ecobank Ivory Coast subsidiary listed on West Africa Bourse

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ABIDJAN, Dec 12 – Ecobank Cote d‘Ivoire IPO-ECO.CI, the Ivorian subsidiary of Togo-based pan-African lender Ecobank was listed on the West Africa bourse in Abidjan on Tuesday after an initial public offering late in September.

The IPO priced the bank’s shares at 20,000 CFA francs ($34.78) each, and by the end of its first day of trading they had rallied 7.5 percent to 21,500 CFA francs.

The IPO, which was not widely publicised, took place from September 27-28, with 2,250,000 shares sold, valuing the bank at about 45 billion CFA.

Ecobank has operations in nearly 40 African countries, many of which have suffered slowing growth thanks to a slide in commodity prices, but Ivory Coast’s diversified, less mineral-dependent economy has powered ahead.

Ecobank generates about 40 percent of its business in recession-hit Nigeria, but Ivory Coast, Francophone West Africa’s economic hub and the world’s leading cocoa producer, is also a significant contributor. ($1 = 575.0000 CFA francs)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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