Ecobank Announces Sale of Mozambique Operations to Another Bank
- Ecobank Transnational Incorporated has announced the sale of its interest in Ecobank Mozambique S.A. to FDH Bank Plc, with the transaction fully financed by FDH Bank's retained earnings
- The move aligns with Ecobank's Growth, Transformation, and Returns strategy, ensuring minimal disruption to staff, assets, and operations, while exploring strategic partnerships with FDH Bank
- Ayo Adepoju, the current CFO, has been appointed as the Group Executive Director, effective from June 4, 2025, bringing extensive leadership expertise to his new role
CHECK OUT: How to Start Earning with Copywriting in Just 7 Days – Even if You’re a Complete Beginner
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
A strategic deal has been announced by Ecobank Transnational Incorporated to sell its interest in Ecobank Mozambique S.A. to FDH Bank Plc, a financial institution listed on the Malawi Stock Exchange.
Source: Getty Images
The deal changes Ecobank Mozambique's ownership and operational management, but it shouldn't have an impact on staff, assets, or banking activities, according to a notice posted on the Nigerian Exchange Limited on Tuesday.
The Punch reported that the Central Bank of Mozambique oversees Ecobank Mozambique, which has been doing business there since 2000 and now has four locations in key towns.
The transaction would be fully financed by the retained earnings of FDH Bank Plc, well known for its corporate services and digital banking.
The agreement supports the Growth, Transformation, and Returns strategy of the Ecobank Group, which aims to maintain competitiveness and promote financial integration throughout Africa.
According to Jeremy Awori, CEO of Ecobank Group, the decision was made after careful consideration to guarantee minimal disruption and the best result for clients, staff, and business operations.
In order to ensure Mozambique's access to Ecobank's pan-African digital ecosystem for smooth cross-border payments, he also disclosed plans to investigate strategic alliances with FDH Bank.
“This strategic decision aligns with our commitment to Ecobank’s Growth, Transformation, and Returns strategy, ensuring we remain a competitive and a meaningful player across the markets in which we operate.
“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 development.
“The transfer of our Mozambique stake to FDH Bank PLC was given deep consideration to ensure the 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,” the statement partly read.
Following the completion of the sale, which has obtained all necessary regulatory clearances, FDH Bank will fully acquire Ecobank Mozambique by the 2025 fiscal year.
Despite the divestment, Ecobank reiterated its dedication to promoting financial integration and economic expansion in Africa, highlighting its continued emphasis on sustainable growth across all its markets.
“The transaction has received all necessary regulatory approvals.
“It is subject to customary conditions precedent and is expected to be completed within the 2025 financial year.
“Upon completion, FDH Bank PLC will assume effective control of Ecobank Mozambique SA,” the statement added.
Ecobank announces major changes
Legit.ng reported that, with effect from June 4, 2025, Ayo Adepoju, the current Group Chief Financial Officer (CFO), has been appointed to the position of Group Executive Director by the Board of Directors of Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group.
As a proud member of the Ecobank Group, Ayo brings two decades of extensive leadership expertise and a deep institutional knowledge.
His areas of specialisation include strategic planning, capital markets, treasury management, investor relations, business performance management, governance, enterprise transformation, financial due diligence, internal control, risk-based audit, and financial management.
Source: Legit.ng
