DOHA: Qatar National Bank (QNB), the largest lender in the country, yesterday announced the acquisition of a 12.5 percent stake (both ordinary and convertible preference shares) in Ecobank Transnational Incorporated (Ecobank), one of the leading banks in the African continent.
In a press statement, QNB said that his strategic partnership with the pan-African bank is a fundamental step towards the Bank’s strategy of being a MEA (Middle East and Africa) icon by 2017.
Ecobank Transnational Incorporated (Ecobank) was set up in 1985 in Lomé, Togo, where it is headquartered. Ecobank is the leading pan-African bank with a presence in 36 countries across the African continent and in 4 other countries across the globe.
Ecobank is one of the top three banks (by assets) in 14 of the countries in which Ecobank is present. As at June 2014, Ecobank had $23.4bn of assets and had generated $255m of profit before tax (for the six months to June 30, 2014) and operates across its unique network of 1,241 branches, 2,500 ATMs and 16,245 POS terminals servicing over 10.8 million customers. With 20,114 employees, Ecobank is the largest employer in the financial sector industry in Middle Africa.
The QNB Group stated ambition of being a MEA Icon by 2017 is brought closer to realisation through the potential opportunities and commercial benefits resulting from this partnership. This move further consolidates the growth strategy pursued by The QNB Group over recent years.
QNB operates in 26 countries and three Continents around the world. QNB Group already has a significant trading presence in Africa with branches, subsidiaries and associates operating in Algeria, Egypt, Libya, Mauritania, South Sudan, Sudan and Tunisia.
QNB was recently recognised as “The Best Bank in The Middle East” by Euromoney Magazine and was voted “One of the Top 50 Safest Banks in the World” by Global Finance Magazine in 2013.
Notably, the stake of 12.5 percent includes the current outstanding ordinary shares and the conversion of QNB’s convertible preference shares.