Nedbank to convert Ecobank loan, pay for stake in cash

JOHANNESBURG Mon Feb 25, 2013 11:05am EST

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JOHANNESBURG Feb 25 (Reuters) - South African lender Nedbank 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 $285 million, 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.

(Reporting by Helen Nyambura-Mwaura; Editing David Dolan)