Ecobank concludes acquisition of bank in Mozambique

9 June 2014

Ecobank Transnational Incorporated has concluded its acquisition of a 96 percent stake in Banco PRoCredit Mozambique from the ProCredit Holding group, according to a regulatory filing this weekend with the Nigerian Stock Exchange.

The ProCredit Holding group, based in Frankfurt, Germany, and by the DOENM Foundation of the Netherlands, owned the acquired stake.

According to the filing the transaction was approved by the Mozambican authorities and the Ecobank Transnational Incorporated group has changed the acquired bank’s name to Ecobank Mozambique.

The chief executive of Ecobank Transnational Incorporated, Evelyne Tall, said in the statement that acquisition of the bank in Mozambique means that the group is now present in 36 African markets.

“Having concluded the transaction we will now begin the process of systems, staff and customer integration, which will allow depositors in Mozambique to have access to the entire Ecobank range of products,” Tall said.

Ecobank Transnational Incorporated is a pan-African banking group established in 1985. (macauhub/MZ)