African bank set for share issue

Ecobank is looking to expand further

African regional banking group Ecobank has announced the continent's largest ever rights issue - to raise $2.5bn (£1.35bn) to help fund its expansion.

Shares will also be offered to new investors on stock exchanges in Ghana, Nigeria, and the West African regional market based in Ivory Coast.

The bank said it was the first African rights issue to be run in more than one stock market simultaneously.

Ecobank operates in 23 countries, after expanding from its base in West Africa.

The capital raised would "further strengthen Ecobank Group's accelerated growth plan to expand its network of branches in countries where it currently operates as well as expand to other countries, thereby consolidating its position as the leading pan-African banking group," the firm said.

Existing shareholders will be offered additional shares at 27 cents each in the rights issue.

A public offering will allow new investors to buy into the banking group at 29 cents per share.