TheCable

Qatar National Bank (QNB), the largest bank in the Middle and North Africa region, on Thursday said it had bought 12.5 per cent stake of Ecobank Transnational Incorporated from the Asset Management Corporation of Nigeria (AMCON).

The 12.5 per cent stake includes the current outstanding ordinary shares and the conversion of QNB’s convertible preference shares, it said.

The Qatar Exchange listed lender bought 1,767,612,630 ordinary shares and 732,277,056 preference shares in the capital of Ecobank Transnational Incorporated (“ETI”).

Although this is QNB’s first acquisition of shares in the Capital of Ecobank, the transaction would make QNB the second-largest shareholder in Ecobank after South Africa’s state-owned Public Investment Corporation Limited.

While the value of the deal was not revealed by the lender, the stake is valued for $200 million at N20.01  each.

The Nigerian Stock Exchange on its website said the acquisition is expected to complete three days, while the sale of the preference shares will be completed shortly after.

QNB hopes to be the largest bank in the Middle East and Africa by 2017.