Ecobank Repositions For Improved Efficiency

Indications have emerged that the recent re-alignment that affected some senior staff at Ecobank Nigeria was in furtherance of a market repositioning exercise designed to strengthen the bank’s business across all markets where it operates.

Market feelers indicate that for a banking group that grossed over N315 billion in revenue and over N78billion in pre-tax profit in the third quarter of 2015, the Ecobank Group is on a growth trajectory. As at today, Ecobank remains one of Nigeria’s strongest financial institutions.

An industry analyst opined that the Bank appears to be putting more focus on cost efficiency and investment in key initiatives in its Transaction banking, Cards, and eBanking businesses, while also continuing to simplify its operations to better serve customers which will put the bank ahead of the competition.

Meanwhile, a source from within the bank says the recent restructuring came after a review of senior staff bench strength and industry standards. The source also revealed that it became necessary for the Bank to realign its work force for better efficiency in line with best practice.

Ecobank is said to have realigned certain roles bank wide and those who were affected by the exercise were adequately compensated.

The bank only recently promoted 300 staff, representing 10 per cent of the employees based on the bank’s commitment to recognizing and rewarding excellence and exceptional performance. The promoted staff cut across all cadres of the workforce.

He added that the Bank has also commenced a selection process of converting qualified non-core staff to permanent staff, in line with the Bank’s commitment to develop and grow talent by providing them with career paths that give them access to higher responsibilities.