Deepak Malik replaces Monish Dutt as Ecobank Transnational Incorporated Director

The Board of Ecobank Transnational Incorporated (ETI) has appointed Deepak Malik as a Non-Executive Director of the parent company of the Ecobank Group.

The Details: Malik joined the ETI Board of Directors as a nominee of Arise B.V. (“Arise”) which currently 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.

This development is coming immediately after the resignation of Monish Dutt as a Director of ETI following his nomination for the same position by International Finance Corporation (IFC).

In a statement released by the Group to the Nigerian Stock Exchange (NSE) and signed by its company secretary, Madibinet Cisse, the board conveyed its gratitude to Dutt who contributed immensely to the success of Ecobank Transnational Incorporated while in office.

Profile of Deepak Malik: Since January 2017, Deepak Malik has been the Chief Financial Officer of Arise whose core mandate is to partner with sustainable financial service providers to advance financial inclusion in Africa.

Prior to joining Arise, Mr Malik was part of the management team at Norfund, a Development Finance Institution where he held the positions of Head of Southern Africa Office and Head of Department, Financial Institutions, for over 13 years. In these roles, he had overall responsibility for Norfund’s financial institutions portfolio in the Sothern Africa region, Central America and South Asia.

Mr Malik 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. He held senior executive positions at Zambia Consolidated Copper Mines.

He is currently on the Board of Directors of various financial institutions.

Mr. 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.

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