Zim Now Writer
South Africa’s Nedbank has agreed to sell its 21.2 percent stake in Ecobank Transnational Incorporated to an investment firm owned by the bank’s former chair, Alain Nkontchou, in a deal valued at US$100 million.
The transaction, announced on 15 August, will see Bosquet Investments Limited, Nkontchou’s private investment vehicle, take over Nedbank’s shareholding in the Togo-headquartered pan-African lender.
The deal is expected to be finalised in the fourth quarter of 2025, subject to regulatory approvals.
Nedbank first invested US$500 million in Ecobank in 2008, later formalising the partnership in 2014. However, the South African bank said rising capital requirements and increasing regulatory risks had prompted its decision to scale back and focus on markets in Southern and East Africa.
“We would prefer to own or control all of the operations that we’re involved in,” Nedbank CEO Jason Quinn said. “You can execute strategy much more deliberately when you own businesses.”
Ecobank Chief Executive Jeremy Awori welcomed the change in shareholding, describing it as a vote of confidence in the bank’s “Growth, Transformation and Returns” strategy.
Ecobank, which operates in 33 African countries and has a small presence in France, said it expects the new investor to provide renewed support for its pan-African expansion.
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