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Nedbank to convert Ecobank loan

Feb 26 2013 08:07 Reuters

Company Data

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 241.99
Change 1.89
% Change 0.01
Cumulative volume 758677
Market cap 124.38bn

Last Updated: 24/07/2014 at 04:28. 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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