Ecobank Transnational Incorporated (“Ecobank”), parent company of the Ecobank Group, the leading pan-African bank with operations in 36 countries across the continent, today in Lome, Togo, announced the appointment of Ade Ayeyemi as its new Group Chief Executive Officer. His appointment is effective from September 1, 2015, an Ecobank Group statement said.

Mr Ayeyemi, 52, will replace Albert Essien, who retires June 30, 2015 “after 25 years of meritorious service with the Group. An interim arrangement will be made by the Ecobank Board for the management of the Group during the period 1 July through 31 August, pending the resumption of the new GCEO,” the statement said.

Mr Ayeyemi is a highly experienced banker who has had a long and successful career with Citigroup, where he is currently Chief Executive Officer of Citigroup’s sub-Saharan Africa division, based in Johannesburg. He is an Accounting graduate of the University of Ife, now Obafemi Awolowo University, Ile-Ife, Nigeria, where he earned a Bachelor of Science degree with First Class Honours. He also studied at the University of London and is an alumnus of Harvard Business School’s Advanced Management Programme.

A Chartered Accountant, Mr Ayeyemi is also a trained UNIX Administrator and Network Operating Systems Manager. His many interests include business strategy, economics, process engineering and technology.

Ecobank Group Chairman Emmanuel Ikazoboh said: “After a thorough and extensive search throughout the African continent, we are delighted to have secured Ade as the person to lead Ecobank through the next phase of its development and beyond as a world-class pan-African bank. Ade is a truly outstanding individual with deep knowledge of banking across Africa, and we welcome him to the Board. At the same time, I should like to thank Albert Essien for his 25-year career at Ecobank and for his stellar service as Group Chief Executive Officer over the past year. We wish him well in his retirement.”

On his part, Ade Ayeyemi said: “I am delighted to have been offered the opportunity to lead this great institution, and commend Albert Essien for his legacy work of helping further the premier pan-African financial institution. Ecobank has an exceptional platform, great people, solid strategy and strong momentum. I sincerely look forward to working with the management team, the Board of Directors, and the employees of Ecobank as we set new standards in financial services for our clients across the board.” (APO)

•Photo shows Ade Ayeyemi.