Ecobank Transnational Incorporated (ETI), the father or mother firm of Ecobank Group, has confirmed the signing of a purchase order settlement below which Bosquet Investments Ltd., the non-public funding car of Alain Nkontchou, will purchase a 21.22 per cent stake within the pan-African banking group from Nedbank Group Ltd.
The transaction, which is topic to regulatory approvals, marks a big change in ETI’s shareholder construction.
Enko Capital Management LLP acted because the lead {financial} advisor on the deal, with Absa Bank Limited, by its Corporate and Investment Banking division, serving as co-financial advisor.
The sale is in step with Nedbank’s strategic realignment in direction of its core markets in Southern and Eastern Africa, the place it retains possession and operational management of its companies.
Commenting on the acquisition, Nkontchou expressed optimism about the way forward for the {bank} below the brand new shareholding association.
“I’m more than happy to have come to this point with the Ecobank Group, and I sit up for supporting the establishment in advancing its strategic goals of progress, transformation and returns.
“I am confident that, together, we will seize the opportunities ahead and lead the organisation into a new era of sustained success,” he stated.
Ecobank Group Chief Executive Officer, Jeremy Awori, described the transaction as an necessary milestone within the {bank}’s progress journey.
“We are pleased to welcome Bosquet Investments Ltd. as a significant shareholder of ETI. Their investment is a strong vote of confidence in our Growth, Transformation and Returns strategy, our performance, and our people,” Awori acknowledged.
Awori famous that Nkontchou’s longstanding affiliation with Ecobank—first as a Board member and later as ETI Chairman—has been instrumental in steering the {bank} to profitability by strategic imaginative and prescient and management.
He expressed gratitude for Nkontchou’s continued partnership and likewise acknowledged Nedbank for its 17-year constructive relationship with Ecobank, which is able to proceed on a industrial foundation regardless of the share sale.
ETI operates in 35 African international locations and maintains a presence in different worldwide {financial} hubs, positioning itself as one of many continent’s most geographically diversified banking {groups}.
