Nedbank Group Announces Sale of its stake in Ecobank Transnational Incorporated (ETI)
Johannesburg, 15 August 2025 – Nedbank Group is pleased to announce that it has reached an agreement to sell its 21.2% shareholding in Ecobank Transnational Incorporated (ETI) to Bosquet Investments Limited (Bosquet Investments) for a purchase consideration of US$100 million (approximately ZAR1.8bn).
This follows the banks strategic review of the group’s financial investment ETI, which as from 30 June 2025, was classified as non-current asset held for sale in terms of IFRS 5.
Nedbank Group Chief Executive Jason Quinn said the bank was pleased to have reached this milestone following the board’s approval to dispose of the asset. “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.”
Added Quinn: “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 Group owns and controls, and areas where we can play to our strengths.”
Bosquet Investments is the private investment vehicle of Alain Nkontchou, the Managing Partner and co-founder of Enko Capital Management LLP (‘Enko Capital’).
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.
About Nedbank Group
Nedbank Group is a bank holding company listed on the JSE Limited, with a market capitalisation of R118bn as at 30 June 2025. Nedbank is one of Africa’s largest banking groups, with operations in South Africa, Namibia, Eswatini, Mozambique, Lesotho and Zimbabwe, and offshore in the Isle of Man and Jersey. It also has representative offices in other Africa countries, including Kenya, and has key global financial centres to provide international banking services for SA-based multinational and high- net-worth clients in London and Dubai. The group is a diversified financial services provider, offering a wide range of wholesale and retail banking and financial services. Nedbank has maintained its level 1 BBBEE status for the past 7 years and rates in the top quartile of local and international banks on ESG scores. group.nedbank.co.za.
About Enko Capital
Enko Capital is an African-focused asset management group established in 2008. The group manages alternative and traditional investment funds across Africa and has assets under management of c.US$1.2bn. The founders of Enko Capital are Alain and Cyrille Nkontchou, with the former having held the position of Non-Executive Director of ETI between April 2015 to June 2024, and assuming the Chairmanship in June 2020.
Media Contacts
Nedbank Integrated Communications
Annaleigh Vallie
Phone: +27 66 479 0936
Email: annaleighv@nedbank.co.za
Joanne Isaacs
Phone: +27 78 800 4989
Email: joannei@nedbank.co.za
