South Africa's Nedbank eyes push into the rest of the continent

If Nedbank (NED) converts its $285m loan to West African banking group Ecobank into an equity stake, it will help the local bank catch up with its rivals, which have made significant inroads in the rest of Africa.

Nedbank Corporate managing executive Graeme Auret said last week the option to take up to 20% equity in Ecobank would allow SA’s fourth-largest bank to “catch up fast” with the likes of Standard Bank and Barclays Africa Group.

Read more: Nedbank eyes Africa push.