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South Africa’s Nedbank slashes value of Ecobank stake
JOHANNESBURG (Capital Markets in Africa) – South Africa’s Nedbank booked a $293 million write-down on the value of its stake in sub-Saharan lender Ecobank on Tuesday and reported its slowest growth in annual profit since 2009. Ecobank Transnational Inc’s operations in central and west Africa are exposed to some economies that have been pressured by the commodity price slide and unfavourable currency swings since Nedbank bought a 20 percent stake for $500 million in 2014….
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