Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has confirmed the execution 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% stake in ETI.

This transaction remains subject to regulatory approvals.

Enko Capital Management LLP served as the lead advisor for the transaction, while Absa Bank Limited (acting through its Corporate and Investment Banking division) was appointed as the co-financial advisor.

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.

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.”

Jeremy Awori, Chief Executive Officer, Ecobank Group 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.”

“Having been part of the bank’s journey for many years, initially joining as a member of the
Board of Directors, then serving as ETI Chairman, Alain has demonstrated unwavering dedication, strategic vision, and leadership that have significantly contributed to the bank’s achievements, bringing the bank to an era of profitability”, he added.

“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 the opportunity to extend deep appreciation to Nedbank for 17 years of constructive partnership. They remain a valued commercial partner of Ecobank”, Mr. Awori concluded.

Ecobank Group is the leading private pan-African financial services group with unrivalled
African expertise. Present in 35 sub-Saharan African countries, as well as France, the UK,
UAE and China, its unique pan-African platform provides a single gateway for payments, cash
management, trade and investment