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Ecobank vital to Needbank’s African growth strategy – Brown

South Africa’s Nedbank on Tuesday said that Ecobank Transnational Incorporation (ETI) remains vital to its expansion elsewhere on the African continent despite booking a $293 million write-down on the value of its stake in the sub-Saharan lender. Ecobank has operations in nearly 40 countries outside its home market. Nedbank Chief Executive, Mike Brown, told reporters ““It’s obvious that we would be disappointed. But we still, however, remain optimistic on the long-term growth prospects in the rest of Africa.”

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