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Ecobank group, Nedbank forge alliance

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank group, and the South African bank Nedbank have forged an alliance to strengthen their business ties, according to a statement issued here Friday.

The statement, obtained by PANA, announced the signing of the alliance agreement between ETI and Nedbank Limited.

It said Nedbank had granted Ecobank a loan of US$285 million for three years for the Pan-African bank’s development programmes, including its recent acquisition of Oceanic Bank in Nigeria.

According to the terms of the agreement, Nedbank benefits from registration rights ”which it can chose to execute between 24 and 36 months” to become a 20% shareholder at Ecobank”.

The relationship between the Pan-African bank and Nedbank dates back to 2008.

Ecobank, which covers 35 countries in Africa, is also represented by a subsidiary in Paris and has offices in Dubai, Johannesburg, London and Luanda.

ETI is quoted at the Lagos, Accra and Abidjan stock markets.

The group employs 24,200 workers from 35 countries.

Nedbank Group Limited, which has Nedbank Limited as its main banking subsidiary, is based in Sandton, Johannesburg.

It is reported to be the fourth largest banking group in South Africa

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