Nedbank Group in South Africa has agreed to sell its 21.22% stake in Ecobank Transnational Incorporated (ETI), a pan-African banking conglomerate established in 1985, to Bosquet Investments for $100 million (around ZAR 1.8 billion).
Nedbank has maintained a strategic alliance with ETI since 2008, when it first invested $285 million into the bank. This partnership was further developed in 2014, when Nedbank increased its investment to nearly $500 million in exchange for a 20% stake, which later slightly increased to its current standing.
Jason Quinn, group CEO of Nedbank, says the decision to sell its ETI stake “follows a detailed evaluation of the strategic alignment, financial performance, and long-term value proposition of the investment”.
Quinn explains that the move aligns with the group’s effort to “optimise its capital allocation and focus on core growth areas”.
“The sale represents a reset of Nedbank’s strategy on the rest of the African continent with a clear focus on the SADC and East Africa regions in businesses Nedbank Group owns and controls, and areas where we can play to our strengths,” Quinn adds.
The sale to Bosquet Investments – the private investment vehicle of Enko Capital co-founder Alain Nkontchou – is expected to close in Q4 2025, subject to regulatory approval.
ETI brings to Bosquet Investments a significant geographic reach across Africa, with operations in 33 countries across the continent and a service provision comprising retail and wholesale banking, corporate and investment banking, digital financial solutions, trade finance, treasury services, and microfinance.
Nedbank recently agreed a deal to acquire South African fintech iKhokha, which provides payment and business management tools for SMEs, last month for a total sum of ZAR 1.65 billion (approximately $93.9 million).
Source: https://www.fintechfutures.com/
