This move increases Premier Bank’s capital base and enables the roll out of the bank’s growth strategy.Ecobank acquired 70% in PFG last month through a dilution of existing shareholders.
When it got a controlling shareholding in PFG, Ecobank pledged to inject US$10 million to boost the bank’s capital base. The funds have since been injected.
George Manyere, the PFG executive director, responsible for corporate and investment banking confirmed the capital injection.
“The bank’s capital base been significantly increased and this will allow the bank to pursue its growth strategy,” he said on Thursday.
PFG is a bank holding company with a bias in corporate, private and investment banking.
Its flagship, Premier Bank, has four branches in Harare and Bulawayo.
PFG will be rebranded into a fully fledged Ecobank affiliate.
Standardbusiness was told the exercise would be completed during the first half of the year.
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Zimbabwe is the latest country in the Sadc region to welcome Ecobank, which operates in the Democratic Republic of Congo, Malawi, and Zambia and through representative offices in Angola and South Africa.
Ecobank has established operations in 31 countries on the continent and has representative offices in global economic capitals like Paris, Dubai and Beijing.
Manyere said PFG has done its part in bringing in a formidable investor into the country.
“Bringing in Ecobank into the Zimbabwe banking sector is a significant sign of confidence and we expect our partnership with Ecobank to have a significant positive impact on our existing and potential clients” he said.
