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Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Group, has reportedly confirmed the signing of a purchase agreement between Nedbank Group Ltd. and Bosquet Investments Ltd., the private investment vehicle of Alain Nkontchou, for the acquisition of a 21.22 percent stake in ETI.
The information was obtained in a statement, which further indicated that the transaction remained subject to regulatory approvals.
Enko Capital Management LLP is serving as lead advisor, while Absa Bank Limited, through its Corporate and Investment Banking division, is acting as co-financial advisor.
The sale is reportedly in line with Nedbank’s strategy to refocus on its core markets in Southern and Eastern Africa, where it owns and controls key businesses.
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Commenting on the deal, Bosquet Investments founder Alain Nkontchou expressed optimism about the future of Ecobank.
“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 said.
Ecobank Group Chief Executive Officer, Jeremy Awori, described the agreement as a significant milestone for the bank.
“We are pleased to welcome Bosquet Investments Ltd. as a major shareholder of ETI. Their investment is a strong vote of confidence in our Growth, Transformation and Returns strategy, our performance, and our people,” Awori stated.
He added that Nkontchou’s long-standing association with Ecobank, first as a board member and later as ETI Chairman, had been instrumental in steering the bank to profitability.
“I am grateful for his continued trust and partnership, and I look forward to working together to realise a shared vision of growth, innovation, and excellence. I also take this opportunity to extend our appreciation to Nedbank for 17 years of constructive partnership. They remain a valued commercial partner of Ecobank,” he said.
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