• Advertise
  • Jobs
  • Freelance Gigs
  • Motoring
  • Money
Thursday, May 26, 2022
  • Login
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists
No Result
View All Result
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists
No Result
View All Result
TechMoran
No Result
View All Result
Home Business

South Africa’s Nedbank Acquires 20% Stake in Ecobank for $493m

ecobank-the-future-is-pan-african-600-96833South Africa’s Nedbank Group is set to acquire a 20 percent shareholding Ecobank Transnational Incorporated (ETI) for USD493.4 million 4,512,618,890 new ETI shares.

Though the 20% sale increases Ecobank’s capital base, it also answers Nedbank’s African expansion plans and strengthens the firms one-bank alliance they formed six years ago to provide banking services to their clients across Africa.

Mike Brown, Nedbank Group Chief Executive noted: “Nedbank Group’s clients are increasingly expanding their business operations into the rest of Africa, and Nedbank Group’s own operations in Southern and East Africa, combined with ETI’s unrivalled pan-African footprint and strength in West and Central Africa provides our clients with access to banking solutions across 39 African countries. This investment also offers our shareholders participation in earnings growth from the faster growing markets in sub-Saharan Africa.”

ETI and Nedbank Group established their strategic business alliance in 2008, with the aim of providing seamless banking services across the continent to each other’s clients. This transaction deepens the alliance and includes a commitment to reciprocal technical banking expertise and management support. Together, ETI and Nedbank Group will offer a unique one-bank experience to their clients across the largest banking network in Africa, comprising more than 2,000 branches and offices in 39 countries.

The deal will also help ETI repay Nedbank’s $285 million. Nedbank Group is 52% majority owned by Old Mutual plc, which is working with ETI as a joint partner in insurance in Nigeria.

 

Readers 2,085

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Sam Wakoba

Sam Wakoba

Taking you on tour through Africa's tech ecosystem, one startup at a time! editor@techmoran.com.

Related Posts

KCB appoints Paul Russo as Group CEO
Banking

KCB appoints Paul Russo as Group CEO

by Val Lukhanyu
May 24, 2022
0

The KCB Group PLC Board has today appointed Paul Russo as the company’s Group Chief Executive Officer (GCEO) effective May...

MTN’s MoMo Payment Service Bank begins operation in Nigeria
Business

MTN’s MoMo Payment Service Bank begins operation in Nigeria

by Milcah Lukhanyu
May 20, 2022
0

MoMo Payment Service Bank (PSB), the fintech subsidiary of MTN Nigeria Plc has begun commercial operations in Nigeria. Through  a corporate...

disney
Business

South Africa Is The First African Country To Get Disney+

by Vanessa Waithera
May 20, 2022
0

Disney+, Walt Disney's streaming service, has entered the African market. Disney+ debuted in South Africa earlier this week, joining a...

Disney+, the streaming service from The Walt Disney Company launches in South Africa

Disney+, the streaming service from The Walt Disney Company launches in South Africa

May 18, 2022
CDC Group, Africa’s development finance institution rebrands to British International Investment

CDC Group, Africa’s development finance institution rebrands to British International Investment

May 16, 2022
Vodacom introduces watch with panic button to alert trusted contacts when in need

Vodacom introduces watch with panic button to alert trusted contacts when in need

May 15, 2022
Please login to join discussion
  • Advertise
  • Jobs
  • Freelance Gigs
  • Motoring
  • Money

© 2022 TechMoran Ltd, All Rights Reserved.

No Result
View All Result
  • Startups
    • About US
  • Reviews
  • Business
  • Motoring
  • Blockchain
    • Crypto News
  • Insider
    • Obituaries
  • Women
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Columnists

© 2022 TechMoran Ltd, All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
 

Loading Comments...
 

You must be logged in to post a comment.

    %d bloggers like this: