South Africa’s Nedbank Sells Stake in Ecobank for $100 Million
(Bloomberg) -Nedbank Group Ltd., Ecobank Ulusutsi A.Ş.’tek Pan-African lending former president by the former president of the former president of a company agreed to sell to a company that controls 100 million dollars.
Based on Johannesburg, Nedbank, on Friday, will sell a 21.2% stake to Bosquet Investments, a private investment tool of Alain Nkontchou, the director and founding partner of ENKO Capital Management LLP and the President of Ecobank.
The sale of the Togo -based Ecobank’s share will mark the end of a 17 -year strategic alliance, which allows Nedbank to expand its footprint beyond its region. Ecobank’s shares, trading with the BRVM Regional Exchange on the Ivory Coast, fell by 75% in the last decade.
Nedbank General Manager Jason Quinn, in an interview with Bloomberg TV on August 5, said, iz We will choose to have or control all the operations we have participated in, ”he said.
In 2008, Ecobank became the largest shareholder of Ecobank, with an investment of $ 500 million in 2014, the South African lent, which turned into a partnership in 2014. The acquisition provided Nedbank to the presence of West Africa Bank in 32 countries, including 32 in Sub -Sahara Africa and one in France.
Nedbank, the first investment case, Ecobank has a major operation in the Nigerian economy intact and various South African customers from the region has limited cross -sales opportunities, he said. He said the synergies between the two enterprises did not come.
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