NEDBANK GROUP LIMITED - Disposal of Nedbank Groups Shareholding in Ecobank Transnational Incorporated (ETI)

Disposal of Nedbank Group’s Shareholding in Ecobank Transnational Incorporated (‘ETI’)

NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
A2X share code: NED
ISIN: ZAE000004875
JSE alpha code: NEDI
('Nedbank Group' or 'Nedbank' or the 'group')


DISPOSAL OF NEDBANK GROUP'S SHAREHOLDING IN ECOBANK TRANSNATIONAL
INCORPORATED ('ETI')


Shareholders are referred to Nedbank Group's 2025 interim results announcement published on
5 August 2025 wherein the group indicated that its financial investment in ETI has been classified
as a non-current asset held for sale and that consequent to a formal plan approved by the
Nedbank board of directors, the group was engaging interested parties to dispose of the
investment.

Nedbank Group is pleased to announce that a sale and purchase agreement was entered into
with Bosquet Investments Limited ('Bosquet Investments'), the private investment vehicle of Alain
Nkontchou, the Managing Partner and co-founder of Enko Capital Management LLP ('Enko
Capital'), on 13 August 2025 regarding the sale of all of the group's 21.2% shareholding in ETI
for a purchase consideration of US$100m (approximately ZAR1.8bn) ('proposed disposal').

The proposed disposal is subject to the receipt of the requisite regulatory approvals in the relevant
jurisdictions only, with there being no other conditions precedent. Bosquet Investments has
provided appropriate security to evidence the funding for the purchase consideration. It is
expected that the proposed disposal will be implemented in the fourth quarter of 2025.

Jason Quinn, Nedbank Group Chief Executive noted: 'Nedbank's decision to sell its ETI
investment follows a detailed evaluation of the strategic alignment, financial performance, and
long-term value proposition of the investment and is consistent with Nedbank's ongoing efforts to
optimise its capital allocation and focus on core growth areas. This marks the conclusion of a
significant chapter in Nedbank's journey with ETI spanning many years. We wish to express our
gratitude for the professionalism and integrity with which the board of directors of ETI has
consistently conducted its affairs, and for the constructive engagement that has underpinned our
relationship. The ETI board's stewardship has played a pivotal role in navigating ETI through
complex environments and in advancing its pan-African mandate.'

The proposed disposal represents a reset of Nedbank's strategy on the rest of the African
continent with a clear focus on the SADC and East Africa regions in businesses Nedbank Group
owns and controls.

Categorisation of the proposed disposal
The proposed disposal is not categorisable in terms of the JSE Limited Listings Requirements.

About Enko Capital
Enko Capital is an African-focused asset management group established in 2008. The group
manages alternative and traditional investment funds across Africa and has assets under
management of c.US$1.2bn. The founders of Enko Capital are Alain and Cyrille Nkontchou, with
the former having held the position of Non-Executive Director of ETI between April 2015 to June
2024, and assuming the Chairmanship in June 2020.

Sandton
15 August 2025

Enquiries
Nedbank Group Investor Relations:
Email: NedgroupIR@nedbank.co.za

Alfred Visagie (Head: Investor Relations)
Email: Alfredv@nedbank.co.za


    Financial advisor to Nedbank Group               Legal advisor to Nedbank Group

    Goldman Sachs International                      Cliffe Dekker Hofmeyr Incorporated


    Lead investment advisor to Bosquet               Legal advisor to Bosquet
    Investments                                      Investments

    Enko Capital Management LLP London               LPA Law
         
          
    Sponsor to Nedbank Group in South Africa

    Nedbank Corporate and Investment Banking,
    a division of Nedbank Limited

Date: 15-08-2025 08:00:00
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