Lagos - In furtherance of its expansion strategy across the African continent, Ecobank has acquired majority stake in Banco ProCredit Mozambique, one of the leading financial institutions in Mozambique.
The Pan African bank acquired the shares currently held by ProCredit Holding and DOEN Foundation, representing 96% of Banco ProCredit’s total capital, reports AllAfrica. com
The deal has already received the approval of the regulatory authorities in Mozambique and the Bank has started trading as Ecobank Mozambique, effective from May 20th 2014..
With the acquisition, the bank has increased its presence to 36 African countries.
Read more at AllAfrica. com
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