Ecobank appoints Deepak Malik to its Board

&NewLine;<p>Mr&period; Deepak Malik has been co-opted to the Board of Ecobank Transnational Incorporated&comma; ETI&comma; the parent company of the Ecobank Group as a Non-Executive Director&period; Deepak Malik joins the ETI Board of Directors as a nominee of Arise B&period;V&period; &lpar;&OpenCurlyDoubleQuote;Arise”&rpar; which now holds a 14&period;1 percent 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&period;<br> A statement made available to OpenLife by Apo Group stated that since January 2017 Deepak Malik has been the Chief Executive Officer of Arise&comma; whose core mandate is to partner with sustainable financial services providers to advance financial inclusion in Africa&period; Prior to joining Arise&comma; Mr&period; Malik was part of the management team at Norfund&comma; a Development Finance Institution where he fulfilled the positions of Head of the Southern Africa Office and Head of Department&comma; Financial Institutions&comma; for over 13 years&period; In these roles he had overall responsibility for Norfund’s financial institutions portfolio in the Southern Africa region&comma; Central America and South Asia&period;<br> Mr&period; Malik has also been the Regional Representative of the Investment Fund for Developing Countries &lpar;IFU&rpar;&comma; which is the Danish Government’s investment arm for developing countries&comma; Managing Director of the Development Bank of Zambia and has held senior executive positions at Zambia Consolidated Copper Mines&period;<br> He is currently on the Board of Directors of various financial institutions&period;<br> Mr&period; Malik is a Fellow of the Institute of Chartered Accountants&comma; India&comma; and has a Bachelors’ Degree in Commerce &lpar;Honours&rpar; from the University of Delhi&comma; India&period;<br> ETI also announces that Mr&period; Monish Dutt&comma; who was nominated by IFC&comma; has resigned as a Director of ETI and the Board of ETI expresses its gratitude to him for his contributions to ETI while in office&period;<&sol;p>&NewLine;