Hints and tips:
...The main aim is to get leveraged ETPs that use derivatives to juice returns or allow investors to bet on an index falling — so-called “inverse” ones — reclassified as ETIs....
...On Tuesday, the bank said: “ETI does not accept the legitimacy of the Togolese court’s ruling because the court does not have legal jurisdiction over Mr Tanoh’s employment contract”, noting that the contract...
...KPMG, the global accountancy firm enlisted by the Nigerian regulator to carry out the investigation, was scathing about the way Mr Tanoh had agreed a bonus and salary increase in 2012 with the former ETI...
...“ETI has a strategic partnership with QNB. This takes it further. It enhances Ecobank’s reach both in the North African region and the Middle East....
...Commenting on the investment, Mike Brown, Nedbank’s chief executive, said: “Nedbank Group’s own operations in southern and east Africa, combined with ETI’s unrivalled pan-African footprint and strength in...
...Another senior executive said Ecobank was “working closely with QNB to ensure that its shareholding is brought within the 20 per cent threshold in line with the position of the ETI Board”....
...Mr Essien, who has been in charge of the corporate and investment banking arm, has been at Ecobank, also known as ETI, for more than 20 years....
...The PIC has consistently denied it has any ambition to take over ETI, which was launched in the 1980s by business people from across west Africa....
...ETI released a terse, one line statement to announce Mrs Do Rego’s dismissal and said “we have fully co-operated with the SEC to date”....
...The IFC increased its stake in the bank in response to a fundraising campaign by ETI that also attracted institutional investors from South Africa....
...That would value ETI’s stake at about $120m. Some analysts said they could be worth even more....
...ETI’s board meets again later in October. More fireworks are expected....
...Tuesday’s meeting was the fifth in three months at which different factions of the ETI board have fought for control over direction....
...South Africa’s Nedbank has options to convert a $280m loan to ETI into equity later this year....
...ETI, which is headquartered in Togo, has been in the vanguard of African banks expanding across borders during a recent continent-wide boom in services....
...The ETI board is scheduled to meet separately on Monday in a special session to address the position of its chairman Kolapo Lawson....
...ETI is listed in Lagos but as a bank headquartered in Togo is regulated by the West African Banking Commission out of Abidjan....
...Gerard Leclair, the retired president of a Paris-based accountancy firm where Ms do Rego was once a managing partner, supported her in a letter to ETI’s board as “an outstanding professional of the highest...
...A family real estate company, Agbara Estates, for which Mr Lawson is chairman also has longstanding debts of N1.6bn to ETI’s Nigerian subsidiary, they said....
...However, in an email he said: “As a founding shareholder of ETI I feel very sad and disconsolate about the ongoing fight in the group....
...KL: Well, I have had shareholder meetings in ETI going back nearly 20 years....
...Mr Lawson settled his debts to ETI and Mr Tanoh has also foregone his bonus in an attempt to draw a line under governance concerns. “I have done things by the book . . ....
...Buy: Enterprise Inns (ETI) It’s speculative, but the shares are cheap on a forward price/earnings ratio of eight, and with the economy improving, Enterprise only has to tough it out a little longer, writes...
...In an August 6 letter to the Nigerian Securities and Exchange Commission (SEC) copied to bank directors and seen by the Financial Times, Laurence do Rego, Ecobank Transnational’s (ETI) executive director...
...and bosses said wage hikes would force mine closures and cost thousands of jobs. http://reut.rs/18x4csa Ecobank chief to forego bonus in bid to quell unease The chief executive of Ecobank Transnational (ETI...
International Edition