Ecobank Transnational Incorporated (ETI) has received the green light from shareholders to raise up to $250 million in Additional Tier 1 (AT1) capital qualifying instruments, marking a strategic move to further strengthen its capital base.
The approval came during the company’s Extraordinary General Meeting (EGM), shortly after ETI successfully issued $125 million in 10.125% Senior Notes due 2029. The new notes, issued on May 15, 2025, will be consolidated with ETI’s earlier $400 million Senior Notes from October 2024, which carry the same interest rate and maturity.
According to a statement signed by Company Secretary Madibinet Cissé and filed with the Nigerian Exchange Group (NGX) on June 26, the AT1 instruments will be available for subscription under a tiered allocation system:
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First priority will be given to a maximum of 100 shareholders, on a first-come, first-served basis.
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Second priority will extend to other interested investors, subject to availability.
The pricing of the AT1 instruments will be set based on the higher of the 5-day Volume Weighted Average Price (VWAP) on the NGX at the time of conversion—converted to U.S. dollars at the prevailing exchange rate—or a minimum floor price of $0.01 per ordinary share.
ETI’s recent $125 million offering in May was met with strong demand, drawing a peak order book of approximately $235 million. This led to an upsizing of the deal by 25%, with pricing finalized at 9.375%, inside the initial guidance of 9.725%. The issuance followed investor engagements that began in April 2025, focused on reinforcing confidence in Ecobank’s capital strategy and regional footprint.
Fast Facts:
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ETI has raised $1.4 billion in Eurobonds since 2019.
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The Group operates in 35 African countries, making it one of the most expansive pan-African banking franchises.
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In Q1 2025, ETI reported a 2% year-on-year increase in Net Interest Income (NII) to $295 million.
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The Group’s Non-Interest Revenue (NIR) ratio stood at 25.2% for the period.
The AT1 capital raise is expected to provide additional flexibility for growth and regulatory capital compliance while preserving the bank’s long-term financial resilience.
