Pan-African banking group completes strategic divestment as part of growth optimization strategy
Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has announced its exit from the Mozambican market through the sale of its stake in Ecobank Mozambique SA (EMZ) to Malawi-based FDH Bank Plc.
The transaction was disclosed in an official filing to the Nigerian Exchange Limited (NGX) on Tuesday, with the pan-African banking group assuring stakeholders that the change in ownership would not disrupt banking operations.
“This transaction represents a strategic change in ownership and operational management with no expected disruption to banking operations, assets, or employees,” Ecobank stated in the disclosure.
Ecobank Mozambique, which operates four branches under the supervision of the Central Bank of Mozambique, began operations in 2000 as Novo Banco SARL before being acquired and rebranded by ETI in 2014.
Group Chief Executive Officer Jeremy Awori explained the divestment aligns with Ecobank’s Growth, Transformation, and Returns strategy: “As a Pan-African financial institution, we continuously assess our operations to drive sustainable growth while maintaining our core mission of driving Africa’s financial integration and economic growth.”
The acquisition will be fully financed from FDH Bank’s retained earnings.
Awori hinted at ongoing partnerships, stating: “We are exploring strategic partnerships with FDH Bank to maintain Mozambique’s access to our pan-African digital ecosystem for seamless cross-border payments.”
He emphasized that while Ecobank’s direct presence in Mozambique is ending, the group’s commitment to African financial integration remains unchanged.
The transaction has received all necessary regulatory approvals and is expected to be completed within the 2025 financial year. FDH Bank will assume control of Ecobank Mozambique upon completion.
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