South Africa’s Nedbank group has sold its 21.22% stake in Ecobank to Bosquet Investments Ltd, the private investment vehicle of financier Alain
Nkontchou for $100 million pending regulatory approval.
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.
Speaking on the transaction, Alain Nkontchou expressed his enthusiasm regarding this development: “I am very pleased to have come thus far with the Ecobank Group, and I look forward to supporting the institution in advancing its strategic objectives of growth, 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 concluded.
Jeremy Awori, Chief Executive Officer, Ecobank Group on his part commented: “We are pleased to welcome Bosquet Investments Ltd. as a significant shareholder of ETI. This important milestone reflects a deep and enduring commitment to our Group’s growth and success.
“Their investment is a strong vote of confidence in our Growth, Transformation and Returns strategy, our performance, and our people.”
Alain Nkontchou initially joined the bank as a member of the Board of Directors, going on to serve as ETI Chairman, Following this purchase, he is expected to play an even greater role in Ecobank’s journey.
