South Africa’s Nedbank Group has announced plans to divest its 21.2% shareholding in Ecobank Transnational Incorporated (ETI), ending a strategic partnership that spanned nearly two decades.

The decision follows a recent strategic review that prompted the bank to shift focus toward markets where it maintains full control, particularly in Southern and East Africa. Nedbank confirmed that the Ecobank stake, acquired through a series of transactions between 2008 and 2014, has now been reclassified as a non-current asset held for sale.

Ecobank, headquartered in Lomé, Togo, operates in over 30 African countries. Nedbank’s exit is expected to reshape the shareholder structure of one of the continent’s largest financial groups.

As of June 30, the stake carried a book value of approximately 1.8 billion rand and an estimated market value of 1.9 billion rand. Nedbank said it has earned about 6.8 billion rand in equity-accounted income from the investment, though only 4 million rand has been paid out in dividends.

Nedbank is currently engaging potential buyers but did not disclose a timeframe for completing the transaction. The move coincides with the release of its half-year financials, showing a 6% rise in headline earnings to 8.4 billion rand, alongside a downward revision of its full-year return-on-equity forecast to around 15% amid weaker domestic economic conditions.