Two of Africa’s largest banks have agreed to work together to increase their reach and explore investment opportunities, according to Reuters.
Nedbank, based in southern Africa, and Ecobank Transnational Inc, operating primarily in west, east and central Africa, gives both groups footholds into new territory. The firms have also expressed the desire to investigate investment opportunities, as well as trading sector-specific technology.
It also gives Nedbank a chance to expand much the way rival Standard Bank has through its connections to Barclays.
jt