Some staff of Ecobank across African countries will soon say
goodbye to their jobs as management is
set to review their expansion strategy by closing some of their branches due to
decline in profits.
In an interview with Reuters, chairman of the bank, Emmanuel
Ikazoboh, said falling global commodity prices that have hit economies in
countries such as Nigeria and Ghana have caused a reduction in the banks profit
margin.
“The business model whereby we are just expanding and posting
our flags (in different countries) has to be reconsidered,” he said Ecobank’s
biggest operation is in Nigeria and the bank has said it wants to increase its
market share in Nigeria.
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