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SEC suspends Ecobank from capital markets

By on March 21, 2013

The Securities and Exchange Commission (SEC) has suspended Ecobank from all capital market activities and from being a receiving bank because of irregularities surrounding a margin loan, a notice on its website said on Thursday.

SEC, according to Reuters, said an Ecobank client Arian Capital Management had used capital from another company as collateral for a margin loan from the lender.

After suspending Arian, the SEC said it had asked Ecobank for an explanation but the bank did not.

( The Nation )