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NEWS HIGHLIGHTS |
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The shareholders of Afreximbank re-appoint President Jean-Louis EKRA for second term as the Bank looks forward to more stability and better growth prospects.
The Shareholders of Afreximbank have given a resounding support to Mr. Jean-Louis EKRA for a second term as Bank President, during their 17th Annual General Meeting held on 24th July 2010, held at the Hilton Hotel in Yaoundé, Cameroun. The shareholders unanimously re-appointed Mr. Jean-Louis EKRA on account of his remarkable leadership of the Bank during a turbulent period marked by a shareholder dispute and the adverse effects of the financial crisis. They commended Mr EKRA for steering the Bank towards sustained growth in all areas. During his first term of office the Bank has risen to become a major reference in Africa's trade finance matters and was recently given an investment grade rating of BBB- and Baa2 by FitchRatings and Moody's respectively. It is important to also note that the re-appointment of Jean-Louis EKRA comes soon after the Extraordinary General meeting held on June 4th, 2010 in Gaborone, Botswana, during which the shareholders resolved their long-standing dispute. This undoubtedly promises better stability for the Bank in the years to come, and opens for better growth prospects. At their 17th Annual General Meeting shareholders also approved the 2009 accounts which show another year of remarkable achievements. Total Loans were $1.115 billion US dollars, while total assets grew by 35% to reach 1.45 billion US dollars at the end of 2009. Net income reached 43 Million US dollars a 10% increase over 2008 prompting shareholders to approve a dividend payment of USD 9 Million. As part of the activities marking the event, the Bank's Advisory Group on Trade Finance and Export Development in Africa (the "Group" or "Advisory Group") was held on July 21st 2010. The Group's deliberations focused on the theme: "Global Economic Crises, Trade Diversification and Access to Trade Finance- Lessons from Recent and Past Experiences and Implications for Africa". An exhibition was also held that showcased local products and services for export markets while the Cameroun Investment Promotion Agency presented investment opportunities and business climate in Cameroun during a forum. Afreximbank; P.O. Box 404 Gezira Cairo Egypt |