QNB buys further 11% stake in Ecobank for $283m

DUBAI: Qatar National Bank (QNB) has acquired a further 11 per cent stake in pan-African lender Ecobank Transnational Incorporated in a deal worth $283 million (Dh1 billion), the Qatari lender said in a statement on Monday. QNB acquired 2.048 billion ordinary shares using its existing resources to take its total holding in the bank to 23.5 per cent, the statement said. Monday’s purchase comes after it acquired a 12.5 per cent stake in Ecobank from Nigerian bad bank Asset Management Company of Nigeria (AMCON) this month.