Ecobank and Nedbank form alliance

In a move that follows Ecobanks stalled ambitions (shortfall on its rights issue) to become a pan African bank, Ecobank has formed an alliance with South Africa's No. 4 banking group, Nedbank.

The alliance between Nedbank, which is strong in southern Africa, and Ecobank, which operates in west, east and central Africa, would create a network of 1,000 branches and banking outlets in 30 countries in the continent.