South African banking group Nedbank sold its 21.2% stake in Ecobank for $100 million to Bosquet Investments, a firm belonging to Cameroonian businessman Alain Nkontchou, in a move aimed at focusing on its strongest customer base in southern and eastern Africa.
Ecobank operates in 35 countries across west, central, east, and southern Africa, with its headquarters in Togo. It is a smaller bank by assets compared to Nedbank, but boasts a wide footprint of branches and agent networks that makes it one of Africa’s most recognizable financial institutions. It reported a 23% year-on-year increase in profit before tax to $398 million for the first six months of this year.
The deal ramps up Nkontchou’s ownership in Ecobank by adding to the 2.86% he already held through the asset management firm Enko Capital that he co-owns with his brother Cyrille Nkontchou.