The Nedbank Group welcomes the 19.58% equity investment by the Public Investment Corporation ("PIC") in our strategic alliance partner Ecobank Transnational Incorporated ("ETI"), enabling ETI to further develop its operations across the continent.

This transaction, given ETI's presence in 32 African countries, clearly illustrates that the growth potential across the African continent is recognized by major investors. The PIC will be, and the International Finance Corporation ("IFC") already is a significant shareholder in ETI, which demonstrates the attractiveness of the ETI business model.

Smit Crouse: Managing Executive Investments, Alliances and Strategy for the rest of Africa commented that, "we are delighted for yet another South African institution to join so many others that are embracing the continent as our future and are growing and expanding across Africa. The continued growth in ETI is also very good for our clients, who we continue to support through the largest banking network we have established through the Alliance with Ecobank."   

In November 2011, Nedbank announced that they provided ETI a $285 million three year facility in support of ETI's corporate development programmes, including the recent acquisition of Oceanic Bank of Nigeria. The arrangement further provides Nedbank with subscription rights which it can elect to exercise between 24 and 36 months from the date of the transaction to become a 20 percent shareholder in ETI. This transaction marked a critical step in the consolidation and deepening of the strategic banking alliance into which ETI and Nedbank entered in December 2008. The alliance has created an African Banking Champion, combining the Ecobank Group's unrivalled pan-African footprint-spanning over 1,100 branches and offices in 36 countries - with the strengths of Nedbank, one of the big four banks in South Africa.