Ecobank is dividing its operations into three "pockets" according to their potential, said Ikazoboh, who is chairman of parent company Ecobank Transnational Incorporated. Ecobank is based in Togo and operates in 36 African countries, making it a rare example of a pan-African bank that has developed outside South Africa, home to giants such as Standard Bank and FirstRand. Ecobank is reviewing its expansion strategy following a decline in profits and may pull out of some African countries to focus on its most promising markets, chairman Emmanuel Ikazoboh told Reuters. Sources close to the bank said this could apply to some small markets in eastern and central Africa, as well as countries such as Sao Tome and Principe. In one sign of its impact, Barclays said in March it would cut its 62 percent stake in Barclays Africa Group.

Source: The Star June 20, 2016 12:11 UTC