Ecobank Transnational Incorporated (ETI) has notified The Nigerian Stock Exchange that Nedbank Group Limited is to acquire a 20 percent shareholding in ETI. Nedbank Group will subscribe in cash for 4,512,618,890 new ETI shares for USD493.4 million.
ETI will repay Nedbank’s loan of USD285 million granted to ETI in 2011 out of the subscription proceeds. In line with the agreement with ETI, the Nedbank Group will be afforded the right to representation on the ETI board.
The Nedbank Group has nominated its Chief Operating Officer, Graham Dempster, to join the ETI board and ETI will exercise its reciprocal right to an appointment on the Nedbank Group board. Both board appointments are subject to regulatory approvals.
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