Nedbank to own 20 pct of Ecobank after debt conversion

LAGOS Mon Aug 18, 2014 10:36am EDT

LAGOS Aug 18 (Reuters) - Pan-African lender Ecobank expects South Africa's Nedbank to convert a $285 million loan to shares in Ecobank before the end of the year, Ecobank's chief executive said on Monday.

Albert Essien said he was confident Nedbank would exercise the conversion option and also top up the conversion amount with $206 million to give it a 20 percent stake in Ecobank.

After the Nedbank deal Ecobank expects its capital adequacy ratio to hit 18.7 percent of assets by year-end, up from 17.5 percent in the first six months of the year, Essien told an analysts conference call on its half-year results. (Reporting by Chijioke Ohuocha; Editing by Tim Cocks and Greg Mahlich)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.