The private investment vehicle of a Cameroonian banker, Mr Alain Nkontchou, Bosquet Investments Limited, has acquired a 21.22 per cent stake of Nedbank Group in Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group.
A statement from Ecobank on Friday said the sale followed the decision of Nedbank to realign its strategy towards its core markets in Southern and Eastern Africa.
However, the transaction remains subject to regulatory approvals, according to the notice filed to the Nigerian Exchange (NGX) Limited.
“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,” Mr Nkontchou, who owns Enko Capital Management LLP, which served as the lead advisor for the transaction, stated.
The chief executive of Ecobank Group, Mr Jeremy Awori, while commenting on the deal, said, “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, 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 realize 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 added.
It was disclosed that Absa Bank Limited, acting through its Corporate and Investment Banking division, was the co-financial advisor to the acquisition.