QNB in expansion drive, acquires 12.5% stake in Ecobank

In furtherance of its growth strategy, Qatar National Bank (QNB) has acquired a 12.5 percent stake, both ordinary and convertible preference shares, in Ecobank Transnational Incorporated.

The bank said the strategic partnership with Ecobank, a leading pan-African bank, is a fundamental step towards QNB’s ambition of being a MEA Icon by 2017.

The QNB Group said the ambition had been boosted with the deal as it offered potential opportunities and commercial benefits resulting.

“This move further consolidates the growth strategy pursued by the QNB Group over recent years,” a statement said on Thursday.

“The stake of 12.5 percent includes the current outstanding ordinary shares and the conversion of QNB’s convertible preference shares,” the statement added.

Ecobank Transnational Incorporated was set up in 1985 in Lomé, Togo, and currently maintains a presence in 36 countries across the African continent and in four other countries across the globe. Details later…

FEMI ASU