Ecobank Acquires Mozambique Bank
09 Jun 2014
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Ecobank Transnational Incorporated (ETI) and ProCredit Holding (PCH) have announced the conclusion of negotiation that led to the former acquiring 96 per cent stake in Banco ProCredit Mozambique previously held by ProCredit Holding and the DOEN Foundation
The pan-African bank, in a notification to the Nigerian Stock Exchange (NSE) at the weekend also said it has commenced trading in Mozambique.
The transaction had received the approval of the regulatory authorities in Mozambique and the ETI started trading as Ecobank Mozambique since May 20th 2014.
Speaking on behalf of PCH, Helen Alexander confirmed that the negotiations were held in a frank and transparent manner and that the transaction had been concluded to the satisfaction of both parties.
Speaking on behalf of PCH, Helen Alexander confirmed that the negotiations were held in a frank and transparent manner and that the transaction had been concluded to the satisfaction of both parties.
She explained: “We are pleased to have concluded this transaction and are confident that we are leaving the bank in the hands of a very capable partner.
“Ecobank is well positioned to implement a growth strategy that will offer excellent prospects for our clients, our staff and for the Mozambique market as a whole.”
On her part, Ecobank’s Group Chief Operating Officer, Evelyne Tall re-affirmed that her institution would build rapidly on the excellent foundation laid by ProCredit Holding to transform the bank into a major player in the local financial services market.
On her part, Ecobank’s Group Chief Operating Officer, Evelyne Tall re-affirmed that her institution would build rapidly on the excellent foundation laid by ProCredit Holding to transform the bank into a major player in the local financial services market.
“Our entry into Mozambique brings the number of African countries in which Ecobank has a presence to 36,” she said.
She added: “Having completed the acquisition, we are now beginning the integration of systems, people and clients into the Ecobank network. This will ensure that ProCredit Mozambique’s customers have access to the entire suite of products that Ecobank has to offer.”
Also, the Group Chief Executive Officer, ETI, Albert Essien reiterated the importance of Mozambique to Ecobank’s strategy in the Southern African Development Community (SADC).
Also, the Group Chief Executive Officer, ETI, Albert Essien reiterated the importance of Mozambique to Ecobank’s strategy in the Southern African Development Community (SADC).
He said: “Mozambique holds a key strategic position within the SADC, providing port access for all the landlocked member countries Our overall objective is to advance financial inclusion for the people of Mozambique, providing them with accessible, convenient and reliable banking services, as well as leveraging regional trade corridors to facilitate cross-border transactions.”
ETI recently took steps to strengthen its corporate governance structure.
It had engaged the Global Board Centre of the renowned Swiss business school, the International Institute for Management Development (IMD), to undertake a review of its corporate governance structure.
It had engaged the Global Board Centre of the renowned Swiss business school, the International Institute for Management Development (IMD), to undertake a review of its corporate governance structure.
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