LAGOS Aug 18 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