Ecobank Transnational Incorporated (ETI) has officially announced its exit from the Mozambican market following the sale of its shares in Ecobank Mozambique S.A. to FDH Bank Plc, a Malawian financial institution listed on the Malawi Stock Exchange.
The announcement was made via a statement filed with the Nigerian Exchange Limited (NGX) on Tuesday.
According to Madibinet Cisse, ETI’s company secretary, the transaction represents a strategic shift in ownership and operations. He emphasised that no disruption is anticipated to banking services, staff, or assets as a result of the sale.
“Ecobank Mozambique (EMZ) is a licensed commercial bank in Mozambique, regulated by the Central Bank of Mozambique. It operates four branches located in the country’s major cities,” Cisse stated, as reported by The Cable, a Nigerian news outlet.
Ecobank began operations in Mozambique in 2000 under the name Novo Banco SARL. It rebranded to Ecobank Mozambique S.A. in 2014 following its acquisition by ETI.
FDH Bank Plc, the new acquirer, offers a wide range of services including digital, retail, corporate, and institutional banking, treasury and investment services, global markets and trade finance, as well as corporate advisory solutions.
Cisse confirmed that the acquisition will be fully funded through FDH Bank Plc’s retained earnings. The deal has already received all necessary regulatory approvals but remains subject to customary conditions. It is expected to be concluded within the 2025 financial year.
“Upon completion, FDH Bank Plc will take full operational control of Ecobank Mozambique S.A. The transaction was conducted at arm’s length and does not involve any related parties,” Cisse added.
“Both FDH Bank Plc and ETI are committed to keeping stakeholders informed of all material developments, in accordance with their respective stock exchange listing obligations.”
CEO Says Exit Supports Ecobank’s Strategic Growth Focus
Jeremy Awori, Chief Executive Officer of Ecobank Group, said the divestment decision is aligned with the group’s broader strategy for growth, transformation, and improved returns.
“As a Pan-African financial institution, we continuously assess our operations to support sustainable growth while upholding our core mission of advancing Africa’s financial integration and economic development,” Awori explained.
He noted that the decision to exit the Mozambican market was taken after careful consideration, ensuring minimal disruption and optimal outcomes for staff, clients, and operational continuity.
“We are also exploring strategic partnerships with FDH Bank to ensure that Mozambique retains access to our pan-African digital ecosystem, especially for seamless cross-border payments,” he added.
Awori concluded by reiterating Ecobank’s strong commitment to the continent, saying that although the group’s direct presence in Mozambique is ending, its dedication to pan-African financial integration and economic advancement remains “stronger than ever”.
