JOHANNESBURG -based lender, Nedbank Group will
leverage on a 2008 alliance with pan-African banking group, Ecobank
Transnational Inc. to explore investment opportunities in East Africa’s banking
sector.
Nedbank, which has been nursing an ambition to
expand into the East African market without success, can leverage on Ecobank’s
vast market share in the region.
While the South African lender has operations in
France, Beijing, Dubai and London, Ecobank currently runs offices in over 20
countries including three in East Africa; Kenya, Uganda and Rwanda.
Commenting on the partnership, Michael Monari,
Managing Director at Ecobank Uganda, said the deal was a win-win situation for
both lenders; it will push Ecobank’s expansion plans and boost it’s lending
power to businesses in the region, whilst also paving the way for Nedbank’s
plan to fund energy projects in the area.
In a venture now considered Africa’s largest banking
network, the pair will deliver combined banking advisory solutions to customers
and clients across the continent, Nedbank said.
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