Nedbank Group, one of South Africa’s biggest lenders, has agreed to sell its 21.2% stake in Ecobank Transnational Incorporated (ETI) to Bosquet Investments Limited, the private investment firm of financier and former Ecobank chairman Alain Nkontchou, for $100 million.
The deal, signed on Wednesday and announced on Friday, is subject to regulatory approvals in various jurisdictions and is expected to close in the fourth quarter of 2025.
Nedbank disclosed earlier this month that it was looking to dispose of its long-held position in ETI. Jason Quinn, the bank CEO, said the move followed a year-long review assessing the stake’s strategic fit, financial returns, and long-term value.
The decision forms part of a broader strategy to exit West African markets and reallocate capital to Southern and East Africa, where the bank maintains operational control.
As of June 30, 2025, Nedbank’s ETI stake had a book value of R1.8 billion ($102.4 million) and a market value of R1.9 billion ($108.12 million), broadly in line with the sale price. Over the 17 years of investment, the bank earned R6.8 billion ($378.6 million) in associate income but realised only R4 million ($227,628) in dividends.
The sale price represents a significant markdown from the original $500 million Nedbank invested in the Togo-based pan-African lender.
Alain Nkontchou, Bosquet Investments’ owner, is a long-standing figure in Ecobank’s history, having first served on its board before becoming chairman from 2020 to 2024. He is also a co-founder of Enko Capital, a pan-African investment firm.
Jeremy Awori, Ecobank group CEO, told Reuters earlier this week that Nedbank’s departure was “unrelated to performance” and should be seen as an opportunity to bring in a new strategic shareholder.
He expressed optimism for the remainder of 2025, noting that Ecobank’s first-half results were buoyed by growth in payment services, remittances, trade finance, and other non-lending revenue streams that have remained resilient despite currency pressures.
“We are confident that we will see the business continuing to perform. We have got a diversified business,” Awori said.
If completed as planned, the deal will bring an end to Nedbank’s nearly two-decade relationship with Ecobank and reshape the shareholder structure of one of Africa’s largest cross-border banking groups.
Note: The currency originally reported in South African Rand has been converted using $1 = R 17.57 as of August 15, 2025.
