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VENTURES AFRICA – 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.