Nedbank ends 17-year alliance with Ecobank amid strategic shift in direction

NEDBANK Group is ending a 17-year strategic alliance with Ecobank Transnational Incorporated (ETI), and interested parties are being canvassed about buying the local bank's 21.2% stake in the pan-African lender.

- EDWARD WEST

Nedbank CE Jason Quinn said Tuesday at the release of the bank's interim results to June 30 that a review of the investment was conducted, recognising the risks of continuing to hold onto the investment due to regulatory uncertainty and potential increasing capital requirements. The Lomé, Togo-based ETI operates in over 30 African countries.

As a result of the review, the financial investment in ETI has been classified as a non-current asset held for sale from June 30, 2025,” said Quinn.

“The board has approved a formal plan to dispose of the investment, and we are currently engaging interested parties... This change represents a reset of Nedbank’s strategy on the rest of the continent, with a clear focus on the SADC and East Africa regions in businesses we own and control, and in areas where we can play to our strengths,” he said.