Nedbank plans to sell its Ecobank stake

Ecobank Transnational's biggest shareholder plans to sell its stake in the pan-African lender as South Africa's fourth-biggest bank by assets narrows its focus on the continent.

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Nedbank will sell its 21.2% holding in Togo-based Ecobank, marking the end of a 17-year strategic alliance that enabled the lender to expand its footprint beyond southern Africa.

"The board has approved a formal plan to dispose of the investment and we are currently engaging interested parties," the lender said in an emailed statement.