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Ecobank Transnational Incorporated (ETI) has reached an agreement to sell its stake in Ecobank Mozambique S.A. (EMZ) to FDH Bank Plc, a leading financial institution listed on the Malawi Stock Exchange.
In a statement filed with the Nigerian Exchange Limited (NGX), ETI’s Company Secretary, Madibinet Cisse, described the transaction as a strategic change in ownership and operational management that will not disrupt banking operations, assets, or staff.
Licensed and regulated by the Central Bank of Mozambique, EMZ operates four branches in the country’s largest cities. Established in 2000 as Novo Banco SARL, the bank rebranded to Ecobank Mozambique S.A. in 2014 following its acquisition by ETI.
FDH Bank, the acquiring entity, offers a wide range of services including digital banking, corporate and institutional banking, treasury and investment banking, global markets and trade finance, and corporate advisory. The acquisition will be funded entirely from FDH Bank Plc’s retained earnings.
Ecobank Group CEO, Jeremy Awori, said the move aligns with the bank’s Growth, Transformation, and Returns strategy, ensuring it remains competitive and impactful across its operating markets.
“As a Pan-African financial institution, we constantly review our operations to foster sustainable growth while advancing our mission of driving Africa’s financial integration and economic development,” Awori noted.
He added that careful consideration was given to ensure minimal disruption and the best outcomes for employees, customers, and operations. Ecobank is also exploring strategic partnerships with FDH Bank to maintain Mozambique’s access to its pan-African digital ecosystem for seamless cross-border payments.
“While our direct footprint in Mozambique will change, our commitment to accelerating pan-African financial integration and economic growth remains as strong as ever,” Awori concluded.
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