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South Africa : MOZAMBICAN bank purchased by Ecobank

June 10, 2014

Pan-African banking conglomerate Ecobank Transnational Incorporated (ETI) stated that it has purchased a 96-percent stake in Banco ProCredit Mozambique that was earlier held by ProCredit Holding (PGC) and the Netherlands-based DOEN Foundation.The financial institution said in a statement that it had commenced trading in Mozambique after receiving regulatory approval.

ETI group chief executive Albert Essien stated again the importance of Mozambique to the bank s strategy for southern Africa, noting that the country held a strategic position within the region by providing port access for all the landlocked member countries.

Essien said, Our overall objective is to advance financial inclusion for the people of Mozambique, providing them with accessible, convenient and reliable banking services, as well as leveraging regional trade corridors to facilitate cross-border transactions .

PGC representative Helen Alexander stated that the transaction had been concluded to the satisfaction of both parties.

She said, We are pleased to have concluded this transaction and are confident that we are leaving the bank in the hands of a very capable partner .

With above 18,000 employees in 37 countries around the world, Ecobank is one of Africa s largest financial services groups.

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Source: TendersInfo (India)

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