Nedbank Group, based in South Africa, has reached an agreement to sell its 21.2% stake in Ecobank Transnational Incorporated (ETI) to Bosquet Investments Limited for a purchase consideration of US$100 million (approximately ZAR1.8 billion).

The decision follows a strategic review of the group’s financial investment in ETI, which, as of June 30, was classified as a non-current asset held for sale under IFRS 5.

Nedbank Group Chief Executive Jason Quinn said the bank was pleased to have reached this stage 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.”

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

Bosquet Investments has provided security to evidence funding for the purchase consideration.

The disposal is currently expected to be completed in the fourth quarter of 2025.

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