Ecobank - Lome

In 1985, Ecobank Transnational Incorporated (ETI) was established as a bank holding company by the Federation of West African Chambers of Commerce and Industry, with the support of the Economic Community of West African States (ECOWAS). The founders of ETI had the goal of filling the gap in the banking sector of West Africa, which was mainly populated by foreign and state-owned banks. Ecopromotions S.A. was incorporated to raise the seed capital for the necessary feasibility studies and promotional activities. ETI was given an authorised capital of US$100 million, of which US$32 million was raised from over 1,500 individuals and institutions from West African countries, with ECOWAS Fund being the largest shareholder. A Headquarters' Agreement was signed with the Government of Togo in 1985, granting ETI the status of an international organisation. Operations began in Togo in March 1988.