Lome-based parent company of the Ecobank Group, Ecobank Transnational Incorporated (ETI) has secured a $250 million loan.

A statement issued by the lender on Tuesday, September 5, 2017 explained that the loan deal was completed today.

Ecobank said the facility is a five-year senior unsecured loan obtained from Deutsche Bank AG, a German global banking and financial services company.

According to the statement by a member of ETI’s Group Communications, Mireille Bokpe-Anoumou, the Public Investment Company (PIC) of South Africa, one of the major institutional shareholders of ETI, is providing full credit support to Deutsche Bank in this transaction via a sub–participation of risk.The financial institution noted that this new facility of $250 million will be used primarily to refinance maturing facilities.

Incorporated in Lomé, Togo in 1988, ETI is the parent company of the leading independent pan-African banking group, Ecobank.

It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, and Guinea Bissau,.

Others include Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe.

The Group employs over 17,000 people in 40 different countries in over 1,200 branches and offices and it is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.