Pan-African banking conglomerate, Ecobank Transnational Incorporated (ETI), has acquired a 96 percent stake in Banco ProCredit Mozambique, a local credit provider, following the approval from regulatory authorities in Mozambique.
The stake ourchased by Ecobank was previously held by ProCredit Holding group and DEON Foundation.
“We are pleased to have concluded this transaction and leaving the Bank in capable hands,” said Alexander Helen, a spokesperson for ProCredit Holding.
The deal allows Ecobank to expand its Southern presence, with the multinational bank set to begin trading on the Mozambique exchange.
“Ecobank presence in Mozambique is important as Mozambique is strategically positioned within Southern African Development Community (SADC) as it provides port access to all the member countries that are landlocked” said Albert Essien, Group CEO Ecobank.
Banco ProCredit Mozambique is a financial institution operating under the umbrella of International ProCredit group. It holds more than 67,000 clients through its 14 outlets in Mozambique and is particularly experienced in supporting SMEs, and financing business activities in key economic sectors including agriculture.