QNB buys additional 11% stake in Ecobank for QR1.03bn

16 سبتمبر, 2014 03:21 م

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The deal enables QNB to become the largest Ecobank shareholder and is a fundamental step towards QNB’s strategy of being a Middle East and Africa icon by 2017.

QNB has acquired an additional 11% stake in Togo-based Ecobank Transnational for $283mn (QR1.03bn).

With this purchase, the Qatari lender’s total holding in the pan-African bank has reached 23.5%.

The acquisition has been funded through existing resources and QNB will account for Ecobank as an associate in accordance with International Financial Reporting Standards.

QNB Capital and Morgan Stanley were acting as financial advisors to QNB in relation to this transaction. This enables QNB Group to become the largest shareholder whilst strengthening the partnership with Ecobank and it is a fundamental step towards QNB’s strategy of being an MEA (Middle East and Africa) icon by 2017.

This move further consolidates the growth strategy pursued by the QNB Group over recent years, QNB said in a statement.

Ecobank was set up in 1985 in Lomé, Togo, where it is headquartered. Ecobank is the leading pan-African bank with a presence in 36 countries across the African continent and in four other countries across the globe. The lender is one of the top three banks (by assets) in 14 of the countries in which Ecobank is present.

As on June 2014, Ecobank had $23.4bn of assets and had generated $255mn of profit before tax (for the six months to June 30, 2014). The lender operates across its unique network of 1,241 branches, 2,500 ATMs and 16,245 POS terminals servicing over 10.8mn customers.

With 20,114 employees, Ecobank is the largest employer in the financial sector industry in Middle Africa.

QNB Group, through its subsidiaries and associates (including Ecobank), operates in 61 countries and three continents.

The group already has a significant trading presence in Africa with branches, subsidiaries and associates operating in the following countries: Algeria, Egypt, Libya, Mauritania, South Sudan, Sudan and Tunisia.

QNB was recently recognised as “The Best Bank in The Middle East” by Euromoney Magazine and was voted “One of the Top 50 Safest Banks in the World” by Global Finance Magazine in 2013. Earlier this month, QNB, “one of the world’s strongest banks” had acquired a 12.5% stake (both ordinary and convertible preference shares) in Ecobank Transnational Incorporated.

مصدر: gulf-times.com

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