QNB buys 12% stake in Ecobank
Qatar National Bank (QNB) bought a 12.5 per cent stake in pan-African banking group Ecobank, it has been reported.Qatar National Bank (QNB) bought a 12.5 per cent stake in pan-African banking group Ecobank, it has been reported.
The transaction could be worth about 36 billion Naira (€171.2 million), according to the Financial Times.
Stockbrokers told Reuters the Ecobank shares were transferred to QNB on Thursday (September 4th) at 20.01 Naira each, an 18 percent premium to Ecobank's latest price of 17 Naira.
QNB bought the shares from Nigeria's state-owned "bad bank" Asset Management Company of Nigeria (AMCON), which was set up after the 2008 financial crisis to resolve the non-performing loan assets of the banks in the Nigerian economy.
This operation "enhances Ecobank’s reach both in the North African region and the Middle East. It gives us reach and influence in this other market, and strengthens our position as the pan-African bank,” Richard Uku, Ecobank’s Spokesperson said.
QNB has announced its ambition to become the largest bank in the Middle East and Africa by 2017 and has been looking for acquisition targets in the region.
Ecobank owns assets worth over $20 billion (€15.5 billion), and a footprint in more than 35 countries with a network of 1,200 branches.