Nedbank snaps up 20 percent of Ecobank

South Africa's Nedbank has acquired a 20-percent share of the pan-African Ecobank, the latest large-scale investment in the much sought-after institution.

Nedbank and Ecobank Transnational Incorporated announced the deal, worth around $493 million, just weeks after Qatar National Bank bumped its holding to 23.5 percent.

"This shareholding represents an important step in the consolidation and deepening of the strategic and technical banking alliance we have with ETI," Nedbank CEO said in a statement.

Established in 1985, Togo-headquartered Ecobank has become a leading presence in Africa, with more than 1,200 branches in 36 African nations.

Nedbank and Ecobank first joined forces in 2008. But the acquisition of over 4.5 million shares cements that relationship.

"We welcome this important investment by Nedbank Group... It is a win-win for ETI and Nedbank Group," said Ecobank Group CEO Albert Essien.