Nigeria's Ecobank Leaves Mozambique, Hands Over Operations to Malawian Bank
- Ecobank Transnational Incorporated has fully exited Mozambique after selling its 96% stake in Ecobank Mozambique S.A. to Malawi’s FDH Bank Plc
- The deal, which received all necessary regulatory approvals, will not affect banking operations, assets, or staff, and Ecobank plans
- Ecobank posted strong half-year results with profits rising to $278.8m, gross earnings up 24% to $1.5bn, and total assets growing to $32bn
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.
Ecobank Transnational Incorporated, the Pan-African banking group, has officially withdrawn from Mozambique following the sale of its shares in Ecobank Mozambique S.A. to FDH Bank Plc of Malawi.
FDH Bank, headquartered in Blantyre, provides services such as SME banking, digital banking, and bancassurance.
Source: UGC
FDH Bank takes over Ecobank Mozambique
Although the financial terms of the deal were not disclosed, Ecobank confirmed that all required regulatory approvals had been secured.
The agreement means FDH Bank now has full ownership and control of the Mozambican unit, which was previously run by Ecobank.
The document stated:
“The transaction, which received all necessary regulatory approvals, marks Ecobank’s full divestment from Mozambique.
“With this completion, FDH Bank Plc assumes full ownership and operational responsibility of the bank that was formerly owned in Mozambique by Ecobank.”
This marks Ecobank’s complete exit from Mozambique, where it had held a 96% stake since 2014 after acquiring the bank from Banco ProCredit.
When the deal was first announced in August, Ecobank assured that operations, assets, and staff would remain unaffected.
FDH Bank Plc, which financed the acquisition entirely from retained earnings, is known for its robust digital banking infrastructure and comprehensive financial services, including corporate advisory, trade finance, and global markets.
CEO Jeremy Awori also noted that, despite the exit, the group was considering partnerships with FDH Bank to maintain Mozambique's presence in Ecobank’s regional cross-border payment network.
Meanwhile, last month, Cameroonian financier Alain Nkontchou, former chairman of Ecobank’s board and founder of Enko Capital, purchased Nedbank’s 21.2% stake in the group for $100 million.
The transaction, still subject to regulatory approval, is expected to be finalised in the final quarter of the year.
Ecobank Nigeria recently announced a revision of interest rates on customers' savings accounts.
Source: UGC
Ecobank reported solid financial growth in the first half of 2025, with after-tax profit rising to N433.9 billion ($278.8 million) from N311 billion ($227.3 million) a year earlier.
Gross earnings surged 24% to N2.3 trillion ($1.5 billion), while total assets expanded to $32 billion, up from $28 billion at the close of 2024.
Ecobank appoints Ayo Adepoju as Group Executive Director
Meanwhile, Legit.ng earlier reported that Ecobank Transnational Incorporated announced the appointment of Ayo Adepoju as its new Group Executive Director, effective June 4, 2025.
Adepoju, who brings over 20 years of leadership experience, has been instrumental in strengthening the Group’s financial performance and advancing key strategic initiatives.
His elevation underscores Ecobank’s commitment to nurturing internal talent, as he takes on a central role in driving the bank’s growth and transformation agenda.
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Source: Legit.ng
