As of June 2014[update], Ecobank Transnational had banking operations in 36 African countries, with representative offices in Angola, Beijing, Dubai, Ethiopia, South Africa and the United Kingdom:[4] Ecobank Transnational has operational bank subsidiaries in the following countries, as of July 2013: ETI, a public limited liability company, was established as a bank holding company in 1985 under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry, with the support of the Economic Community of West African States (ECOWAS).
Its founding shareholders raised the seed capital for the feasibility studies and the promotional activities leading to the creation of ETI.
[9] Ecobank has been marred by several well publicized governance lapses: The sacking and reinstatement of the CFO in 2014 after she alleged: "... Mrs. Do Rego sent a letter to the SEC alleging that the Chairman, Mr. Lawson and GCEO Mr.Tanoh were attempting to sell non-core assets at values below market, that both individuals ‘attempted’ to manipulate the 2012 results to enable the Group (ETI) to show a much better 2013 growth, and she questioned procedures around the approval of a substantial increase in Mr.Tanoh’s 2012 bonus (which he subsequently opted not to receive).
Unfortunately the letter was ignored by the Board of ETI and this obvious dereliction of duty continues to date"[11] Ecobank then settled the matter with the chairman and absolved him of any wrongdoing.
[14] ETI's leadership, including CEO Awori, has reportedly been aware of ETISRC and its managing director Alabi's alleged extortion against Wilben Trade since August 2023 but has taken no action to stop it.
[15] The Specialized subsidiary companies of Ecobank include the following:[16] With more than 1,500 branches in 35 countries, the Ecobank-Nedbank Alliance is the largest banking network in Africa.