Nedbank concludes R1.8bn Ecobank stake sale, refocuses on Southern African markets

Nedbank has completed the sale of its 21.2% stake in Nigerian lender Ecobank Transnational Incorporated for R1.8 billion to Bosquet Investments, while writing off a R7 billion cumulative loss. The strategic shift comes as the bank refocuses its African operations on Southern and East African markets where it has direct control.