South Africas Nedbank Group has agreed to sell its 21.2 stake in pan-African lender Ecobank to the private investment vehicle of financier Alain Nkontchou for 100 million, it said on Friday.
Nedbank said this month that it wanted to sell the stake, citing regulatory uncertainties, potential higher capital requirements and plans to focus on Southern and East Africa.
Ecobanks operations in Central and West Africa are exposed to some economies that have been pressured by unfavourable currency swings since Nedbank bought the stake in 2014.
Nedbanks statement on Friday said that it had signed a sale and purchase agreement with Bosquet Investments Limited, Nkontchous investment vehicle, on Wednesday and the disposal was expected to complete in the fourth quarter of this year.