Ecobank to Acquire Banco ProCredit Mozambique

Ecobank Transnational Incorporated and ProCredit Holding Germany (PCH) have announced that they are in discussions with the view to Ecobank acquiring a majority stake in PCH’s Mozambican subsidiary – Banco ProCredit Mozambique (PCM). Ecobank has formally expressed an interest in purchasing Banco ProCredit in Mozambique by acquiring the shares currently held by ProCredit Holding and DOEN Foundation, representing 96% of Banco ProCredit’s total capital.

The transaction is subject to the approval of the regulatory authorities in Mozambique. According to Helen Alexander, speaking on behalf of ProCredit Holding, “Banco ProCredit has played a pioneering role in the banking sector in Mozambique and we are very proud of what we have achieved here. We welcome the talks with Ecobank since its diversified network and broad-based African banking experience will enable it to offer excellent prospects for our clients, our staff and the Mozambican market.”

Ecobank Group Chief Executive Officer Thierry Tanoh said, “We look forward to offering our customers in Mozambique our unique services and access to our pan African footprint. This acquisition is part of our focused strategy which has enabled us to grow into one of the largest banks on the continent as we continue our expansion across Africa. It demonstrates our vision to build a world class pan-African bank and to contribute to the economic development and financial integration of Africa and our commitment to promoting long-term shareholder value remain unchanged.”

Evelyne Tall, Group Chief Operating Officer of Ecobank, affirmed that Mozambique is the missing link in the SADC strategy of Ecobank, as it is the main gateway to the landlocked countries in the region. Ecobank brings to Mozambique international expertise, experience and an unparalleled network of subsidiaries, branches and offices across Africa. Having already obtained an approval for a banking license for Mozambique in the second half of 2013, the ProCredit transaction provides an excellent opportunity to accelerate Ecobank’s entry into Mozambique.

Commenting on the discussions, Daniel Sackey, SADC Cluster Head for Ecobank said, “Should the deal receive the expected go-ahead of the regulatory authorities, it would be a positive step for the Mozambican market. The Ecobank group is one of the strongest in Africa and would bring new banking products and services to the Mozambican banking sector. We are interested in Banco ProCredit, as its highly qualified staff and loyal client base will provide a quick launching pad for the commencement of Ecobank’s operations in Mozambique.”

Christina Reifschneider, the General Manager of Banco ProCredit reassures, “During this transition phase Banco ProCredit will operate as usual. The on-going discussions will have no impact on clients, staff or branch locations. It will be business as normal. It is very positive that such a reputable international banking group as Ecobank is taking such an interest in ProCredit and the Mozambican market.”

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