Africa’s Ecobank buys Germany’s procredit Mozambican unit

LAGOS (Reuters) – Africa's Ecobank said on Tuesday it had bought a 96-percent stake in the Mozambican subsidiary of Germany's ProCredit Holding, raising the number of countries on the continent where it has a presence to 36 countries.

"The transaction has received the approval of the regulatory authorities in Mozambique and the bank has started trading as Ecobank Mozambique, effective from May 20th 2014," Ecobank said in a statement.