Business circles across Africa are viewing Nedbank Group’s decision to sell its 21.22% stake in Ecobank Transnational Incorporated (ETI) as a natural evolution in both banks’ strategic priorities.
Many industry analysts say the move is mutually beneficial — allowing Nedbank to sharpen its focus on its home markets in Southern and Eastern Africa, while ushering in a new phase of growth for Ecobank under a shareholder deeply rooted in its history and committed to its expansion.
The deal, announced on Friday by ETI in a filing on the Nigerian Exchange (NGX), will see Bosquet Investments Ltd., the private investment vehicle of former ETI Chairman Alain Nkontchou, acquire the stake from Nedbank. The transaction remains subject to regulatory approvals. Enko Capital Management LLP is acting as the lead advisor, with Absa Bank Limited’s Corporate and Investment Banking division serving as co-financial advisor.
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Nedbank’s 2008 Entry into Ecobank
Nedbank first entered Ecobank’s shareholding in 2008 during the height of the global financial crisis, when African banks were exploring cross-border synergies to boost resilience and market reach. The South African lender invested around US$500 million in a strategic alliance with ETI. The partnership aimed to create a pan-African banking network that could serve clients seamlessly across both Southern Africa — Nedbank’s stronghold — and Ecobank’s West and Central African footprint.
Under the alliance, the two banks referred clients to each other, collaborated on trade finance, and provided joint services to multinational corporations operating across Africa. For years, the relationship was held up as a textbook case of African banking integration.
Strategic Shifts Leading to the Exit
However, in recent years, Nedbank has been recalibrating its priorities amid changing market dynamics and regulatory pressures. The group’s recent strategy update has emphasized deepening its presence in Southern and Eastern Africa, where it holds majority control of its operations, rather than maintaining large equity positions in markets where it has no operational control. Analysts say the exit from ETI reflects this sharper focus on geographic and operational consolidation.
For Ecobank, the move comes at a time when the pan-African lender has been pursuing its “Growth, Transformation, and Returns” strategy under CEO Jeremy Awori, with renewed emphasis on digital banking, SME financing, and strengthening profitability after a period of restructuring.
Alain Nkontchou, founder of Bosquet Investments, said he was “very pleased” to have reached this stage with the Ecobank Group, pledging to support the bank’s strategic ambitions and expressing confidence that the institution would “seize the opportunities ahead and lead the organization into a new era of sustained success.”
Awori welcomed Bosquet Investments as a “significant shareholder,” describing the transaction as “a strong vote of confidence” in Ecobank’s trajectory.
“This important milestone reflects a deep and enduring commitment to our Group’s growth and success. Their investment is a strong vote of confidence in our Growth, Transformation, and Returns strategy, our performance, and our people,” Awori said.
He paid tribute to Nkontchou’s leadership since joining the board in 2014 and serving as chairman from 2020 to 2024, a period in which Ecobank returned to profitability. Awori also extended “deep appreciation” to Nedbank for a “constructive partnership” over 17 years, noting they remain “a valued commercial partner.”
About Bosquet Investments
Bosquet Investments Ltd. is the private investment vehicle of Alain Nkontchou. Beyond his Ecobank role, Nkontchou is co-founder and managing partner of Enko Capital, an African-focused asset management firm managing about US$1.2 billion in alternative and traditional funds across the continent.
If regulatory approvals proceed smoothly, this deal will mark one of the most significant shifts in Ecobank’s shareholder base since Nedbank’s landmark 2008 investment — closing one chapter of South Africa–West Africa banking collaboration while opening another built on insider commitment and pan-African ambition.