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November 5, 2018updated 15 Nov 2018 11:26am

Nedbank and Ecobank to expand wealth management in West Africa

By Oliver Williams

Two pan-African banks Nedbank and Ecobank announced that they would form a partnership to provide asset and wealth management services across francophone West Africa.

South Africa-based Nedbank, which owns 21% of Ecobank Transnational, will use the latter’s physical presence in in the region to offer its asset and wealth management services. The agreement mirrors one that is already in place between the two lenders in Ivory Coast.

Mark Weston, Nedbank’s management executive at Ecobank told Bloomberg  the agreement between Nedbank and Ecobank would be rolled out across other French-speaking West African countries including Senegal, Burkina Faso and Benin.

“If we’re going to get value out of our relationship with Ecobank, we really have to explore what we can do here,” Weston said in an interview with Bloomberg. Ecobank is headquared in Togo but has a presence in 36 African countries.

English speaking Ghana was also muted as another potential market, while Nedbank said that it wanted to expand operations in Nigeria. Ecobank unveiled a new premier banking service in Ghana three years ago.

The announcement came a day before news that HSBC and UBS were closing their representative offices in the Nigeria. The country faces falling foreign direct investment and an election in 2019.

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