BY Busayo Sotunde
Barely two weeks after it acquired 12.5 per cent stake of Ecobank Transnational Incorporated, Qatar National Bank (QNB) on Monday announced its purchase of another 11 percent stake of the Pan-African bank in a deal worth $283m.
The new investment pushes the Qatari lender’s stake to 23.5 per cent and makes it the bank’s largest shareholder.
The 11 per cent stake represents 2.048 billion ordinary shares.
With its 18 per cent stake, South Africa’s state-owned Public Investment Corporation Limited is now the bank’s second largest shareholder.
On September 4, 2014, Qatar National Bank (QNB), the largest bank in the Middle and North Africa region, announced that it had bought 12.5 per cent stake of Ecobank from the Asset Management Corporation of Nigeria (AMCON) for $200m at N20.01 per share.
Following the announcement, Ecobank’s shares advanced 3.6 per cent on the Nigerian Stock Exchange.
The present deal was funded by existing resources, QNB said.
QNB hopes to be the largest bank in the Middle East and Africa by 2017.
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