UMORU ABDULKADIR
Ecobank Transnational Incorporated (ETI) has appointed Mr. Deepak Malik as a Non-Executive Director into its Board.
Malik is a nominee of Arise B.V. (“Arise”) which now holds a 14.1% equity stake in ETI following its purchase of shares previously held by IFC and the funds managed by the IFC Asset Management Company in August 2019.
Malik has been the Chief Executive Officer of Arise, whose core mandate is to partner with sustainable financial services providers to advance financial inclusion in Africa since January 2017.
Before he joined Arise1, Malik was part of the management team at Norfund, a Development Finance Institution where he occupied the positions of Head of the Southern Africa Office and Head of Department, Financial Institutions, for over 13 years.
While in these roles he had overall responsibility for Norfund’s financial institutions portfolio in the Southern Africa region, Central America and South Asia.
He has also been the Regional Representative of the Investment Fund for Developing Countries (IFU), which is the Danish Government’s investment arm for developing countries, Managing Director of the Development Bank of Zambia and has held senior executive positions at Zambia Consolidated Copper Mines.
He is also presently on the Board of Directors of various financial institutions.
Malik is a Fellow of the Institute of Chartered Accountants, India, and has a Bachelors’ Degree in Commerce (Honours) from the University of Delhi, India.
The bank, (the Group) also announced that Mr. Monish Dutt, who was nominated by IFC, has resigned as a Director of ETI.
Meanwhile, the Board of the Company expresses its gratitude to Mr. Dutt for his contributions to Group while in office.
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