adminSA banking group Nedbank is looking to take a controlling stake in Mozambique’s Banco Unico next year and is eyeing two or three acquisitions in southern and east Africa, reports Business Day. In 2013, Nedbank bought an initial 36,4 percent in Banco Unico for $24m.
The latest annual report showed Nedbank’s stake was now 36,6 percent and valued at R286m. Nedbank CEO Mike Brown has previously said the group was contractually committed to increase the stake to between 50 percentand 70 percent. Under its key management actions for 2015-17, Old Mutual, which owns 54 percent of Nedbank, said its banking plans were to ‘incorporate Banco Unico into one bank operating model and target two to three acquisitions in priority countries in SADC (Southern African Development Community) and East Africa’.
Within SADC, Nedbank also has operations in Lesotho, Malawi, Zimbabwe (through MBCA) and Namibia. In Kenya and Angola it runs representative offices — these could be a sign it seeks a footprint there. Outside of SADC, Nedbank has a 20 percent stake in pan-African bank Ecobank. This forms part of Nedbank’s expansion into West and Central Africa. – Business Day
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