Nedbank sells R1.8bn Ecobank stake to Bosquet Investments

Nedbank announced that it has reached an agreement to sell its 21.2% shareholding in Ecobank Transnational Incorporated (ETI) to Bosquet Investments  for a purchase consideration of $100 million (R1.8 billion).

Bosquet Investments is the private investment vehicle of Alain Nkontchou, the managing partner and co-founder of Enko Capital Management.

This follows the bank's strategic review of the group’s financial investment ETI, which as from June 30, 2025, was classified as non-current asset held for sale in terms of IFRS 5.

Nedbank Group CEO Jason Quinn said the bank was pleased to have reached this milestone following the board’s approval to dispose of the asset.

He said, “Nedbank’s decision to sell its ETI investment follows a detailed evaluation of the strategic alignment, financial performance, and long-term value proposition of the investment and is consistent with Nedbank’s ongoing efforts to optimise its capital allocation and focus on core growth areas. This marks the conclusion of a significant chapter in Nedbank’s journey with ETI spanning many years.

"We wish to express our gratitude for the professionalism and integrity with which the board of directors of ETI has consistently conducted its affairs, and for the constructive engagement that has underpinned our relationship. The ETI board’s stewardship has played a pivotal role in navigating ETI through complex environments and in advancing its pan-African mandate.”

Quinn said the sale represents a reset of Nedbank's strategy on the rest of the African continent with a clear focus on the SADC and East Africa regions in businesses Nedbank owns and controls, and areas where it can play to our strengths.

The proposed disposal is subject to the receipt of the requisite regulatory approvals in the relevant jurisdictions only. There are no other conditions precedent.

Bosquet Investments has provided appropriate security to evidence the funding for the purchase consideration. It is currently expected that the proposed disposal will be implemented in the fourth quarter of 2025.