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
