Latest news with #AlainNkontchou
IOL News
3 days ago
- Business
- IOL News
Nedbank sells R1. 8bn Ecobank stake to Bosquet Investments
Nedbank announced that it has reached an agreement to sell its 21.2% shareholding in Ecobank Transnational Incorporated (ETI) to Bosquet Investments for a purchase consideration of $100 million (R1.8 billion). Bosquet Investments is the private investment vehicle of Alain Nkontchou, the managing partner and co-founder of Enko Capital Management. This follows the bank's strategic review of the group's financial investment ETI, which as from June 30, 2025, was classified as non-current asset held for sale in terms of IFRS 5. Nedbank Group CEO Jason Quinn said the bank was pleased to have reached this milestone following the board's approval to dispose of the asset. He said, '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.' Quinn said the sale represents a reset of Nedbank's strategy on the rest of the African continent with a clear focus on the SADC and East Africa regions in businesses Nedbank owns and controls, and areas where it can play to our strengths. The proposed disposal is subject to the receipt of the requisite regulatory approvals in the relevant jurisdictions only. There are no other conditions precedent. Bosquet Investments has provided appropriate security to evidence the funding for the purchase consideration. It is currently expected that the proposed disposal will be implemented in the fourth quarter of 2025.
IOL News
4 days ago
- Business
- IOL News
Nedbank sells 21% stake in Ecobank for R1. 8 billion
Nedbank has announced that it has "reached an agreement to sell its 21.2% shareholding in Ecobank Transnational Incorporated (ETI) to Bosquet Investments Limited Image: Karen Sandison / Independent Newspapers Nedbank has announced that it has "reached an agreement to sell its 21.2% shareholding in Ecobank Transnational Incorporated (ETI) to Bosquet Investments Limited (Bosquet Investments) for a purchase consideration of US$100 million (R1.8 billion)" . Enko Capital is an African-focused asset management group established in 2008. The group manages alternative and traditional investment funds across Africa and has assets under management of Bosquet Investments is the private investment vehicle of Alain Nkontchou, the Managing Partner and co-founder of Enko Capital Management LLP ('Enko Capital'). The bank confirmed the news in a statement to the media on Friday morning, saying the decision "follows the bank's strategic review of the group's financial investment ETI, which as from 30 June 2025, was classified as a non-current asset held for sale in terms of IFRS 5". Nedbank Group Chief Executive Jason Quinn said, "the bank was pleased to have reached this milestone 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" Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Quinn added that Nedbank remains committed to its African growth strategy but will now concentrate its efforts in regions where it has operational control. The proposed disposal is subject only to the receipt of the requisite regulatory approvals in the relevant jurisdictions, with no other conditions precedent. The transaction is expected to be completed in the fourth quarter of 2025. 'The sale represents a reset of Nedbank's strategy on the rest of the African continent with a clear focus on the SADC and East Africa regions in businesses Nedbank Group owns and controls, and areas where we can play to our strengths.' IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
Reuters
4 days ago
- Business
- Reuters
Nedbank sells $100 million Ecobank stake to financier Nkontchou's Bosquet Investments
JOHANNESBURG, Aug 15 (Reuters) - South Africa's Nedbank Group (NEDJ.J), opens new tab has agreed to sell its 21.2% stake in pan-African lender Ecobank ( opens new tab to the private investment vehicle of financier Alain Nkontchou for $100 million, it said on Friday. Nedbank said this month that it wanted to sell the stake, citing regulatory uncertainties, potential higher capital requirements and plans to focus on Southern and East Africa. Ecobank's operations in Central and West Africa are exposed to some economies that have been pressured by unfavourable currency swings since Nedbank bought the stake in 2014. Nedbank's statement on Friday said that it had signed a sale and purchase agreement with Bosquet Investments Limited, Nkontchou's investment vehicle, on Wednesday and the disposal was expected to complete in the fourth quarter of this year. Ecobank's chief executive told Reuters this month that Nedbank's decision to divest had nothing to do with Ecobank's performance and would not affect its long-term growth plans. "This transition opens the door for a new shareholder and board members who can potentially bring fresh perspectives and support to our strategy," said CEO Jeremy Awori. Regulatory approvals are still needed for the sale to proceed, but there are no other conditions for the deal, Nedbank said.
Mint
4 days ago
- Business
- Mint
South Africa's Nedbank Sells Stake in Ecobank for $100 Million
(Bloomberg) -- Nedbank Group Ltd. agreed to sell its stake in Ecobank Transnational Inc. to a company controlled by the former chairman of the pan-African lender for $100 million. Johannesburg-based Nedbank will sell its 21.2% stake to Bosquet Investments, which is the private investment vehicle of Alain Nkontchou, the managing partner and co-founder of Enko Capital Management LLP and a former chairman of Ecobank, according to a regulatory filing on Friday. The sale of its stake in Togo-based Ecobank will mark the end of a 17-year strategic alliance that enabled Nedbank to expand its footprint beyond its home region. Ecobank's stock, which trade on the BRVM regional stock exchange in Ivory Coast, has plunged 75% over the past decade. 'We would prefer to own or control all of the operations that we're involved in,' Nedbank Chief Executive Officer Jason Quinn said in an interview on Bloomberg TV on Aug. 5. 'You can execute strategy much more deliberately when you own businesses.' The South African lender became Ecobank's largest shareholder in 2008 through a $500 million investment that was formalized into a partnership in 2014. The purchase gave Nedbank access to the West African bank's presence in 33 countries, including 32 across sub-Saharan Africa and one in France. Nedbank said its initial investment case had been negatively impacted by the deterioration in the economy of Nigeria — where Ecobank has a large operation — and the exit of various South African clients from the region, which has limited cross-sell opportunities. Synergies between the two businesses had not been forthcoming, it said. More stories like this are available on
Bloomberg
4 days ago
- Business
- Bloomberg
South Africa's Nedbank Sells Stake in Ecobank for $100 Million
Nedbank Group Ltd. agreed to sell its stake in Ecobank Transnational Inc. to a company controlled by the former chairman of the pan-African lender for $100 million. Johannesburg-based Nedbank will sell its 21.2% stake to Bosquet Investments, which is the private investment vehicle of Alain Nkontchou, the managing partner and co-founder of Enko Capital Management LLP and a former chairman of Ecobank, according to a regulatory filing on Friday.
