June 8, 2015 / 12:07 PM / 2 years ago

UPDATE 1-Ecobank names Citigroup executive Ayeyemi as new CEO

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ACCRA, June 8 (Reuters) - Pan-African bank Ecobank Transnational Incorporated has named Ade Ayeyemi as its new group chief executive, it said on Monday.

The 52-year-old, currently head of Citigroup’s sub-Saharan Africa division, will replace Ecobank CEO Albert Essien who is retiring at the end of June after a tenure that began in March 2014 when the board fired his predecessor Thierry Tanoh.

Ayeyemi, who is Nigerian, will lead a bank headquartered in Togo that has operations in 36 African countries and with assets of $22.5 billion at the end of 2013, according to the bank’s website.

South Africa’s Nedbank acquired a 20-percent stake in Ecobank last year and Qatar National Bank (QNB) also holds a similar stake in the company.

“We are delighted to have secured Ade as the person to lead Ecobank through the next phase of its development and beyond as a world-class pan-African bank,” Ecobank group Chairman Emmanuel Ikazoboh said.

Ecobank’s board fired Tanoh after a crisis over governance that led to divisions within the bank’s leadership. Tanoh has since won a judgement in a court in Togo against the bank for wrongful dismissal and a separate one in Ivory Coast for defamation. Ecobank has appealed both decisions. (Writing by Matthew Mpoke Bigg; Editing by Pravin Char)

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