The International Finance Corporation (IFC) has invested $100 million equity in Ecobank Transnational Corporation (ETI), making it one of the leading shareholders in the bank.

IFC is the private sector arm of the World Bank and its major responsibility is to invest in private sector initiatives. IFC’s $100million equity fund is the latest of such investments in the pan-African bank.

The Chief Executive officer of Ecobank Group, Mr Arnold Ekpe, said the investment was a strong indication that investors have confidence in the bank.

The bank said in a statement that the investment was part of its efforts to become one of the biggest financial institutions in the world.

Ekpe said the bank raised $550 million through initial public offering in 2008 and $150 million from a number of development finance institutions such as the IFC, FMO and Netherlands Development Finance Company.

"The investment stems from a $100 million convertible loan that Ecobank secured from IFC in July 2008 to support its growth and diversification strategy in sub-Saharan Africa," he said.

Before now, the bank had initiated moves to strengthen its over 31 subsidiaries in Africa and beyond. It planned to spend part of the proceeds of the public offers on its subsidiaries in Nigeria and other countries.

In related development, Ecobank Nigeria Plc, a subsidiary of ETI, has embarked upon far reaching measures to strengthen its portfolios. The initiatives includes an Entrepreneur reality Television programme through which it provided funds for small business owners.

The programme, which started last year, has seen three entrepreneurs receiving funds for their businesses. The entrepreneurs, during a recent programme, said the funds have helped them to develop their businesses well.