Nigeria, Aug. 5 -- Ecobank Transnational Incorporated agreed to offload its stake in its subsidiary in Mozambique to FDH Bank Plc, a lender based in Malawi and listed on the local bourse, the pan-African banking group declared in a statement on Tuesday.

Ecobank, which operates in thirty-five markets in sub-Saharan Africa, is parting with the 96 per cent interest it has held in the entity since 2014, when it acquired it from Mozambique's Banco ProCredit.

It envisages that the ownership and management change resulting from the deal will not unsettle banking operations, assets and the workforce. The value of the share sale is undisclosed.

The group is under an obligation to provide its Nigerian unit with $50 million to boost its capital a...