Nedbank sells 21% stake in Ecobank for R1.8 billion
Nedbank has announced that it has "reached an agreement to sell its 21.2% shareholding in Ecobank Transnational Incorporated (ETI) to Bosquet Investments Limited
Image: Karen Sandison / Independent Newspapers
Nedbank has announced that it has "reached an agreement to sell its 21.2% shareholding in Ecobank Transnational Incorporated (ETI) to Bosquet Investments Limited (Bosquet Investments) for a purchase consideration of US$100 million (R1.8 billion)" .
Enko Capital is an African-focused asset management group established in 2008. The group manages alternative and traditional investment funds across Africa and has assets under management of c.US$1.2bn.
Bosquet Investments is the private investment vehicle of Alain Nkontchou, the Managing Partner and co-founder of Enko Capital Management LLP (‘Enko Capital’).
The bank confirmed the news in a statement to the media on Friday morning, saying the decision "follows the bank's strategic review of the group’s financial investment ETI, which as from 30 June 2025, was classified as a non-current asset held for sale in terms of IFRS 5".
Nedbank Group Chief Executive Jason Quinn said, "the bank was pleased to have reached this milestone following the board’s approval to dispose of the asset".
“Nedbank’s decision to sell its ETI investment follows a detailed evaluation of the strategic alignment, financial performance, and long-term value proposition of the investment and is consistent with Nedbank’s ongoing efforts to optimise its capital allocation and focus on core growth areas.
"This marks the conclusion of a significant chapter in Nedbank’s journey with ETI spanning many years"
Quinn added that Nedbank remains committed to its African growth strategy but will now concentrate its efforts in regions where it has operational control.
The proposed disposal is subject only to the receipt of the requisite regulatory approvals in the relevant jurisdictions, with no other conditions precedent. The transaction is expected to be completed in the fourth quarter of 2025.
“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.”
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