THE Qatar National Bank (QNB) has bought a 12,5 percent stake in Ecobank Transnational Incorporated (ETI) in a transaction valued at US$ 200 million.
This is the latest drive by the Doha-based bank’s drive to be the biggest bank in the Middle East and Africa by 2017.
QNB bought the shares from the Asset Management Corporation of Nigeria (AMCON) on the Nigerian Stock Exchange.
Following the transaction, Ecobank is discussing a strategic partnership with QNB which will enable the two banks to forge business relationships of mutual interest to their respective customers.
ETI Group Chief Executive Officer, Albert Essien confirmed the deal.
“Ecobank is the bank with the largest footprint in sub-Saharan Africa. This strategic link with QNB, one of the world’s strongest banks, will enhance Ecobank’s reach in North Africa and the Gulf.”
Ecobank already has a strong strategic partnership with South African banking giant Nedbank, which makes it a dominant player in Middle Africa and South Africa. This will enhance Ecobank’s position as the Pan-African Bank.”
QNB operates in 26 countries in three continents. It has a significant trading presence in Africa with branches, subsidiaries and associates operating in Algeria, Egypt, Libya, Mauritania, South Sudan, Sudan and Tunisia.
Ecobank is one of the top three banks (by assets) in 14 of the 36 African countries where it is present.
As of June 2014, it had $23,4 billion of total assets and generated $255 million of profit before tax (for the 6 months to 30 June 2014).
It operates across its unique network of 1 241 branches, 2 500 automated teller machines and 16 245 point of service terminals servicing over 10, 8 million customers.
With 20,114 employees, Ecobank is the largest employer in the financial sector industry in Middle Africa.
African Eye News
