S.Africa's Nedbank says partner Ecobank has made progress on governance

JOHANNESBURG Tue Aug 5, 2014 4:59am EDT

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JOHANNESBURG Aug 5 (Reuters) - Pan African lender Ecobank Transnational has made progress in resolving governance problems, the chief executive of its alliance partner Nedbank Group, said on Tuesday.

"ETI went through some governance challenges, but in the last few months we think they've made enormous progress in resolving those issues," Mike Brown told Reuters in an interview.

South Africa's Nedbank has a strategic alliance with Ecobank and under a deal with the Togo-based lender has until November to decide if it will take a 20 percent stake in the bank.

(Reporting by David Dolan; Editing by Stella Mapenzauswa)

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