December 2, 2013 / 3:00 PM / in 4 years

CORRECTED-Africa's Ecobank signs $50 mln loan deal with France's Proparco

(Corrects name of French development institution in paragraph 1 to Proparco, from Propaco)

LAGOS, Dec 2 (Reuters) - Africa’s Ecobank said on Monday it had signed a $50 million loan agreement for ten years with French development institution Proparco, to support the growth of its local banking network.

Ecobank, which operates in 35 African countries, said in a statement that the loan would fund regional expansion, including targeting customers on the continent who do not yet have bank accounts.

“Pan-African banking groups ... are entering new market segments, targeting those previously excluded from the banking system,” it said. (Reporting by Chijioke Ohuocha; Editing by Tim Cocks and Mark Potter)

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