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South Africa’s Nedbank Group Acquires 20% Stake In Ecobank For N80 Billion - Business - Nairaland

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South Africa’s Nedbank Group Acquires 20% Stake In Ecobank For N80 Billion by vowiski(m): 8:01am On Oct 04, 2014
http://www.techrez.com/2014/10/nedbank-acquires-ecobank-stake.html
Nedbank Group says it has reached final stages for the acquisition of 20% stake in Ecobank for $493 million (approx N80 billion) in cash.

This brings to end several months of speculation suggesting the leading South African Bank could walk away from the deal over government concerns.

The deal will strengthen Nedbank’s one-bank alliance it formed nearly six years ago to provide services to their clients across Africa as well improve the bank’s African expansion plans.

“Nedbank Group’s clients are increasingly expanding their business operations into the rest of Africa, and Nedbank Group’s own operations in Southern and East Africa, combined with ETI’s unrivalled pan-African footprint and strength in West and Central Africa provides our clients with access to banking solutions across 39 African countries. This investment also offers our shareholders participation in earnings growth from the faster growing markets in sub-Saharan Africa, ” said Mike Brown, Nedbank Group Chief Executive.

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