Published: 2 hours ago

Nedbank Group has sold its 21.2% stake in Ecobank Transnational for US$100 million to Bosquet Investments, an investment vehicle of former Ecobank chairman Alain Nkontchou.

The South African lender, which became Ecobank's largest shareholder in 2008 through a US$500 million investment, said the move allows it to focus on core markets in Southern and East Africa.

CEO Jason Quinn noted that deteriorating economic conditions in Nigeria and weaker synergies undermined the original investment case. Ecobank, listed on the BRVM exchange in Ivory Coast, has lost 75% of its market value in the past decade but says it will pursue growth under its new shareholder.
- online

You might also want to read this

• Nedbank Zimbabwe boasts high depositor confidence
• Nedbank offers $75m offshore finance facility
• Nedbank Zimbabwe promises fireworks
• Nedbank Zimbabwe eyes more cashless options
• Nedbank to give out home ownership loans
• Nedbank Zimbabwe seeks to fund private sector
• Nedbank Zimbabwe warns of system failure
• Nedbank Zim launches new banking system