The Ecobank Transnational Incorporated (ETI) has announced the opening of its Equatorial Guinea affiliate.

A statement from the pan-African bank said the Ecobank Equatorial Guinea was issued a licence to operate as a credit institution in the country and became the 33rd affiliate of the Group in Africa.

The Group's Chief Executive Officer, Mr. Thierry Tanoh said: "We are pleased that the authorities of Equatorial Guinea have issued Ecobank with a license to operate as the 5th bank in the country and to support the development of the economy with access to financing.

"The addition of Ecobank Equatorial Guinea completes our presence in all the member states of the Monetary and Economic Community of Central Africa (CEMAC) and highlights our leadership in the African banking sector and demonstrates our long term commitment to the African continent."

Deputy Chief Executive Officer of the Ecobank Group, Evelyne Tall, added: "We are particularly enthusiastic about Ecobank's access to the Equatorial Guinea market and the opportunity to offer to our existing and potential clients our innovative and reliable products and services. Additionally our presence in Equatorial Guinea would give them access to Ecobank's footprint across Africa."

According to the bank, the branch is located in the central business district of Malabo, on Avenida de la Independencia.