Ecobank Transnational Incorporated (ETI) has entered into an agreement to sell its stake in Ecobank Mozambique S.A. (EMZ) to FDH Bank Plc, in a move the bank describes as a “strategic change in ownership and operational management” that will not disrupt existing banking operations, assets, or staff.
In a statement filed with the Nigerian Exchange Limited (NGX), ETI’s Company Secretary, Madibinet Cisse, confirmed that EMZ — a licensed commercial bank regulated by the Central Bank of Mozambique — currently operates four branches in the country’s largest cities.
Founded in 2000 as Novo Banco SARL, the bank was rebranded as Ecobank Mozambique in 2014 following ETI’s acquisition.
FDH Bank, the buyer, is listed on the Malawi Stock Exchange and offers a wide range of services, including digital banking, corporate and institutional banking, treasury and investment services, trade finance, and corporate advisory.
The acquisition will be funded entirely from FDH Bank’s retained earnings, according to the statement.
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Speaking on the transaction, Ecobank Group CEO Jeremy Awori said the sale aligns with the bank’s “Growth, Transformation, and Returns” strategy, ensuring competitiveness across its markets.
He emphasized that the decision was made with careful consideration to minimize disruption for employees and customers, while also exploring strategic partnerships with FDH Bank to maintain Mozambique’s integration with Ecobank’s pan-African digital ecosystem for cross-border payments.
“As a Pan-African financial institution, we continuously assess our operations to drive sustainable growth while maintaining our core mission of advancing Africa’s financial integration and economic development,” Awori said.
Image Credit: TheCable
