2014-06-13 NEDBANK COMPLETES MOZAMBIQUE ACQUISITION Nedbank has secured the regulatory approvals, crossed the t’s and dotted the i’s necessary to complete its acquisition of a 36,4% stake in Mozambican Banco Único for $24.4 million. This acquisition is a key part of Nedbank’s goal to boost its presence in the Southern African Development Community and East Africa. Established in 2011 the bank is the sixth largest in Mozambique with 14 branches spread across Maputo, Matola, Beira, Tete and Nampula. It is busy with a branch expansion programme that will see this number increase to more than 30. “The acquisition of this stake in Banco Único, with the right to a majority shareholding over time, will contribute to the strengthening of the group’s position in the Southern African Development Community and East Africa in line with our vision to be Africas most admired bank,” says Mike Brown, CE Nedbank Group. Nedbank also has a footprint in West and Central Africa through its alliance with Ecobank in West and Central Africa. It has until the end of November to convert a $285-million loan it made to Ecobank in 2011 into an equity holding and then increase the stake to as much as 20%. The share price had appreciated by 1.3% to R232.88 on the day.
Posted on: Fri, 13 Jun 2014 09:07:14 +0000
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