South Africa’s Nedbank is selling its 21.2% stake in Ecobank to an investment firm owned by former Ecobank chair Alain Nkontchou, for US$100m.
Nedbank first invested $500m in Ecobank in 2008, a deal formalised into a strategic partnership in 2014.
However, Chief Executive Officer Jason Quinn says rising capital demands and regulatory risks have pushed the bank to refocus on Southern and East Africa.
“We would prefer to own or control all of the operations that we’re involved in. You can execute strategy much more deliberately when you own businesses,” he says.
Ecobank, based in Togo, operates in 33 countries.
NewZwire
