Ecobank cuts 2015 loan target on weak market for lending: CEO

THE parent company of local Pan-African lender Ecobank has lowered its 2015 loan growth target to 5 percent, compared to a 15% target it set for last year, owing to a weak lending market in Africa’s biggest economy, its chief executive said on Thursday.

Ecobank CEO Ade Ayeyemi said the lender, with presence across 34 African countries, has suspended a share sale to raise additional capital for its Nigerian subsidiary owing to the slowdown in loan growth.

In July, the lender said it had obtained board approval to raise fresh funds to help strengthen the capital base of its Nigerian operation as the country prepares to adopt stricter international requirements.-Reuters/Staff Writer