Dubai: Qatar National Bank (QNB) on Thursday acquired of a 12.5 per cent stake (both ordinary and convertible preference shares) in Ecobank Transnational Incorporated.
Ecobank was set up in 1985 in Lomé, Togo, where it is headquartered and is a leading pan-African bank with a presence in 36 countries across the African continent and in 4 other countries across the globe.
The bank 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 $23.4 billion of assets and had generated $255 million of profit before tax for the first half of 2014 and operates a network of 1,241 branches, 2,500 ATMs and 16,245 POS (points of sale) terminals servicing over 10.8 million customers. With 20,114 employees, Ecobank is the largest employer in the financial sector industry in Middle Africa.
QNB operates in 26 countries and 3 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.
