The Digest:
Ecobank Transnational Incorporated (ETI) has announced its exit from Mozambique by selling its subsidiary, Ecobank Mozambique S.A., to FDH Bank Plc. The transaction is a strategic shift and aligns with Ecobank's ongoing growth and transformation strategy.
Key Points:
- Ecobank sells Mozambique subsidiary, Ecobank Mozambique S.A., to FDH Bank Plc.
- The transaction is fully financed by FDH Bank’s retained earnings.
- No disruption expected to employees, assets, or services.
- FDH Bank will take control after the deal’s completion, expected within the 2025 financial year.
- Ecobank’s exit aligns with its broader growth and market competitiveness strategy.
- Ecobank continues to focus on Pan-African financial integration.
- FDH Bank’s acquisition adds to its digital banking, trade finance, and advisory services.
- Both institutions are exploring partnerships to maintain Mozambique’s access to Ecobank’s Pan-African digital ecosystem.
Ecobank's strategic exit from Mozambique allows the bank to focus on growth and transformation while ensuring continued support for African financial integration. FDH Bank takes over the operations, intending to enhance the digital banking landscape in Mozambique.
Sources: Nairametrics, The Cable
