Nedbank plans exit from Togo-based Ecobank, to focus on Southern and East Africa
The Nedbank Group has released its half-year results, announcing a pivot in its African operations.
Nedbank sign. Picture: Eyewitness News
The Money Show's Stephen Grootes interviews Jason Quinn, CEO of the Nedbank Group.
The Nedbank Group reports that its balance sheet remained strong in the first half of 2025, despite a challenging operating environment.
Headline earnings rose 6% to R8.4 billion.
Diluted headline earnings per share increased 7% to 1 762 cents a share.
Revenue was up 4% to R36 406 million for the six months to end-June 2025.
The Group declared an Interim dividend of 1 028 cents per share, a 6% increase on the previous period.
Nedbank also announced that it plans to sell its 21.2% stake in Ecobank, based in Togo in West Africa, to focus more on Southern and East Africa.
This marks the end of a 17-year strategic alliance that enabled the Joburg-based lender to expand its footprint beyond southern Africa.
Stephen Grootes asks Nedbank Group CEO Jason Quinn about this strategic review of its continental assets.
What became clear to them is that having a minority stake in a bank created strategic issues in that they couldn't necessarily execute or drive the strategies they might have wanted to, Quinn says.
"It's also fair to say the Nigerian market where there is a fairly large presence, has been relatively depressed for some time... and we certainly didn't see progress on that execution. On top of that there were some changing capital regulations in Nigeria, so on balance we've decided now that its appropriate for us to exit the investment."
Jason Quinn, CEO - Nedbank Group
"We're going to execute a sale as quickly as possible; that's basically the change in strategic direction."
Jason Quinn, CEO - Nedbank Group
Quinn emphasizes that Nedbank remains committed to the continent - it's just a question of West Africa appearing less attractive right now.
"We'll use the proceeds of that sale to invest not only in our South African business, but we're also seeing real opportunities in Mozambique and Namiba with the LNG resource finds there. Slowly and steadily over time we'd also like to build out a business in Kenya."
Jason Quinn, CEO - Nedbank Group
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