Nedbank Sells Ecobank Stake for $100M to Former Chairman

Imagine a big South African bank, Nedbank, that invested in another bank called Ecobank, which operates in many African countries.

Nedbank has decided to sell its part of Ecobank for $100 million.

The buyer is a company owned by the former boss of Ecobank.

This ends a long partnership that helped Nedbank grow.

However, Ecobank's value has gone down a lot over the past decade.

Nedbank said the partnership wasn't working as planned and that they want to manage their own businesses directly.