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Nedbank to convert Ecobank loan

Feb 26 2013 08:07
Reuters

Company Data

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 214
Change -5
% Change -2
Cumulative volume 713007
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Nedbank Group [JSE:NED] expects to exercise its right to an acquire Ecobank stake as early as November and will pay for the deal out of its own cash, its chief executive said on Monday.

Nedbank lent its pan-African counterpart $285m, which it has the right to convert into equity. Chief Executive Mike Brown made the comments at a presentation of the bank's full-year earnings.  

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nedbank group  |  ecobank  |  banks

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