Ecobank Transnational Incorporated (ETI) has announced the sale of its entire stake in Ecobank Mozambique S.A. (EMZ) to FDH Bank Plc, a financial institution listed on the Malawi Stock Exchange, marking its exit from the Mozambican market as part of a broader strategic realignment.
The announcement was made in a statement filed with the Nigerian Exchange Limited (NGX) on Tuesday.
Madibinet Cisse, company secretary of ETI, described the move as a strategic shift in ownership and operations. He said the transaction would not disrupt existing banking services, employee roles, or operational assets in Mozambique.
“EMZ is a licensed commercial bank in Mozambique, supervised and regulated by the Central Bank of Mozambique. EMZ has four branches located in the biggest cities of Mozambique,” Cisse said.
“The bank has been operating in Mozambique since 2000, when it was incorporated as Novo Banco SARL, before changing its name in 2014 to Ecobank Mozambique SA, following an acquisition by ETI.
“FDH Bank Plc is listed on the Malawi Stock Exchange. The bank provides superior digital banking, personal and business banking, corporate and institutional banking, treasury and investment banking, global markets and trade finance, as well as corporate advisory services.”
Cisse noted that the acquisition would be fully financed from FDH Bank Plc’s retained earnings and confirmed that all regulatory approvals had been secured.
“The transaction has received all the necessary regulatory approvals, but it is subject to customary conditions precedent and is expected to be completed within the 2025 financial year,” he said.
“Upon completion, FDH Bank Plc will assume effective control of Ecobank Mozambique SA. This transaction has been conducted on an arm’s length basis and does not involve any related parties.
“Both FDH Bank Plc and ETI remain committed to keeping stakeholders informed of any material developments in line with their respective stock exchange listing requirements.”
Jeremy Awori, Chief Executive Officer of Ecobank Group, said the decision aligns with the bank’s strategy to focus on growth, transformation, and improving shareholder returns across its core markets.
“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,” Awori said.
“The transfer of our Mozambique stake to FDH Bank Plc was given deep consideration to ensure least disruption and the best outcome for employees, customers and operations.
“We are exploring strategic partnerships with FDH Bank to maintain Mozambique’s access to our pan-African digital ecosystem for seamless cross-border payments.”
Awori emphasised that while Ecobank’s direct presence in Mozambique will cease, its broader mission remains unchanged.
“While our direct presence in Mozambique is changing, our unwavering commitment to driving pan-African financial integration and economic growth across the continent remains stronger than ever,” he said.
Boluwatife Enome
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