Ecobank Exits Mozambique, Hands Over Operations to Malawian Bank FDH Plc
Ecobank Transnational Incorporated has officially exited Mozambique by handing over its operations to Malawian bank, FDH Bank Plc. The sale of Ecobank Mozambique shares to FDH Bank marks Ecobank's withdrawal from Mozambique, where it held a 96% stake since 2014.
The financial terms of the deal were not disclosed, but Ecobank confirmed that regulatory approval was obtained. FDH Bank now has full ownership and control of the Mozambican unit.
Despite the exit, Ecobank is considering a partnership with FDH Bank to maintain a presence in Mozambique through its regional payment network. The CEO of Ecobank highlighted the robust digital banking infrastructure and comprehensive financial services offered by FDH Bank.
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