ECOBANK Transnational Incorporated (ETI), the parent company of the Ecobank Group has confirmed the sale of 21.22 per cent stake by South Africa’s Nedbank Group.

The pan-African bank confirmed this in an official disclosure to the Nigerian Exchange Limited (NGX) on Friday, August 15.

It said Bosquet Investments Ltd, the private investment vehicle of Alain Nkontchou, acquired the Nedbank stake, noting that the transaction remains subject to regulatory approvals.

According to Ecobank, Enko Capital Management LLP served as the lead advisor for the transaction, while Absa Bank Limited (acting through its Corporate and Investment Banking division) was appointed as the co-financial advisor.

The sale follows Nedbank’s decision to realign its strategy towards its core markets in Southern and Eastern Africa where the Group owns and controls businesses.

Commenting, Ecobank Group Chief Executive Officer, Jeremy Awori, said, “Having been part of the bank’s journey for many years, initially joining as a member of the Board of Directors, then serving as ETI Chairman, Alain has demonstrated unwavering dedication, strategic vision, and leadership that have significantly contributed to the bank’s achievements, bringing the bank to an era of profitability.

“I also take the opportunity to extend deep appreciation to Nedbank for 17 years of constructive partnership. They remain a valued commercial partner of Ecobank.”

The transaction is said to have been valued at $100 million as Nedbank cited regulatory uncertainties, potential higher capital requirements and plans to focus on Southern and East Africa,Reuters reported.

The ICIR reported recently that the Ecobank Group has revealed plans to exit the Mozambique market, hinting at its strategic change in ownership and operational management, and assuring it will not have any disruption to its banking operations, assets, or employees.