May 22, 2008, 5:14 AM
Group and Ecobank Transnational Incorporated (ETI), parent company of the
Ecobank Group, have entered into a strategic business co-operation relationship
to provide customers access to a combined pan - African banking network
covering 30 countries (including
Through this relationship customers will have the convenience and benefit of a 'one bank' experience across the combined footprint of both banking groups.
the Pan-African Bank that is currently operating in 25 countries has the
largest geographic banking coverage in
Ekpe, Chief Executive Officer of ETI, notes "we are excited about this
strategic alliance which is designed to build a true pan-African champion. It
represents a win-win solution for both institutions, their shareholders and
particularly their customers. Ecobank currently operates across 25 countries in
Boardman, Chief Executive Officer of Nedbank Group, says "we are committed to
Through the Alliance both groups will be positioned to deliver country specific tailored banking solutions across the African continent in the most convenient and simplified way to corporate and individual clients spanning day to day transactional banking, financing and investment banking advisory services.
In addition to enhancing accessibility to banking services across the combined footprint through a 'one bank' experience and exploring joint investment opportunities, other anticipated benefits from this relationship include:
Leveraging off existing client and business relationships;
Utilising each banks expertise on sector specific advisory skills such as Nedbank's expertise in the minerals, resources, energy and infrastructure sectors;
Retaining and attracting skilled resources; and
Utilising state of the art technology, electronic banking and the use of existing innovative products and solutions in the field of cash handling for the benefit of clients.
Dempster the Chief Executive of Nedbank Corporate who has been involved in the
formation of the
This relationship will be governed by an alliance committee comprised of senior executives of both banks, structured to include specialised sub-committees for execution of the alliance initiatives.
A 'one bank' experience across the largest geographic banking footprint makes this unique alliance a natural choice for seamless banking across the African continent.