Former chairman buys 21% stake in Ecobank from Nedbank

Ecobank Transnational Incorporated (ETI), the parent company of pan-African lender Ecobank Group, has confirmed a deal that will see Bosquet Investments Ltd., the private investment vehicle of former ETI chairman Alain Nkontchou, acquire a 21.22% stake from South Africa’s Nedbank Group Ltd.

The purchase agreement, announced Friday, is subject to regulatory approval. Enko Capital Management acted as lead adviser to the transaction, with Absa Bank Limited serving as co-financial adviser through its corporate and investment banking division.

Nedbank’s exit marks the end of a 17-year equity partnership with Ecobank, part of a strategic realignment to focus on the group’s core markets in Southern and Eastern Africa, where it owns and controls businesses outright.

Nkontchou, who served on ETI’s board from 2014 and as chairman between 2020 and 2024, said the investment reflected a long-term commitment to the lender’s growth trajectory.

“I am very pleased to have come thus far with the Ecobank Group, and I look forward to supporting the institution in advancing its strategic objectives of growth, transformation and returns,” he said, according to a regulatory notice on Friday.

“I am confident that, together, we will seize the opportunities ahead and lead the organisation into a new era of sustained success.”

Ecobank Group CEO Jeremy Awori welcomed Bosquet Investments as a major shareholder, describing the move as “a strong vote of confidence” in the bank’s performance and its “Growth, Transformation and Returns” strategy.

“Having been part of the bank’s journey for many years, Alain has demonstrated unwavering dedication, strategic vision, and leadership that have significantly contributed to the bank’s achievements, bringing it to an era of profitability,” Awori said.
“I also take the opportunity to extend deep appreciation to Nedbank for 17 years of constructive partnership. They remain a valued commercial partner of Ecobank.”

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ETI, listed on stock exchanges in Lagos, Accra and Abidjan, operates in 35 sub-Saharan African countries and has a presence in France, the UK, UAE and China. It employs more than 14,000 people and serves over 32 million customers across consumer, commercial, corporate and investment banking.

Bosquet Investments, wholly owned by Nkontchou, is also linked to Enko Capital, the African-focused asset management firm he co-founded with his brother, Cyrille Nkontchou, in 2008. Enko manages traditional and alternative investment funds with about US$1.2 billion in assets under management.

The deal further consolidates Nkontchou’s influence over ETI at a time when Africa’s banking sector is under pressure to adapt to rapid digital adoption, shifting trade flows and tightening regulatory demands.