Qatar National Bank Mulls Increased Investment in Africa

Doha-based Qatar National Bank (QNB) has expressed its preparedness to be the largest financial institution in Africa as well as the Middle East by 2017.

This followed its acquisition of 12.5 per cent stake in Ecobank Transnational Incorporated (ETI) last week.

QNB acquired a total of 1,767,612,630 ordinary shares and 732,277,056 preference shares in of ETI.

QNB bought the shares from the Asset Management Corporation of Nigeria (AMCON), through a deal on the floor of the Nigerian Stock Exchange (NSE).

The investment was QNB’s first acquisition in ETI and marked the bank’s first entry into Africa.

The acquisition of the ordinary shares was expected to

Qatar National Bank acquires $200 million stake in Ecobank

Pan-African lender, Ecobank Transnational Incorporated (ETI), announced Thursday that Qatar National Bank (QNB) has acquired a 12.5 percent stake in it from Asset Management Corporation of Nigeria (AMCON).

The stake, worth $200 million of Ecobank shares were transferred to the Gulf’s largest bank on Thursday at 20.01 naira each.

AMCON acquired the stake after Ecobank merged its Nigerian operations with failed lender Oceanic Bank, which AMCON helped to recapitalise, before the Ecobank takeover.

With the sale, AMCON, the second-largest shareholder in Ecobank, has divested its stake.

The transaction would make QNB the