QNB acquires an additional 11 per cent stake in Ecobank

15/09/2014 15:53 AST

QNB has nearly doubled its stake in Ecobank Transational Incorporated (Ecobank). Last week’s acquisition of a 12.5 per cent stake in the pan-African bank was followed today by an additional holding of 11 per cent, bringing QNB’s total stake in Ecobank to 23.5 per cent.

The additional holding is valued at $282 million and was funded through existing resources—QNB said that it will account for Ecobank as an Associate in accordance with International Financial Reporting Standards.

QNB Capital and Morgan Stanley are acting as financial advisors to QNB in relation to this transaction, which will make QNB the largest shareholder in Ecobank, a This enables QNB Group to become the largest shareholder whilst strengthening the partnership with Ecobank, a regional bank with a presence in 36 African countries and four outside the continent. In terms of assets, Ecobank ranks among the top three in 14 of the countries in which it 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 year. With 20,114 employees Ecobank is the largest employer in the financial sector industry in Middle Africa.

The QNB Group’s growing share in Ecobank is in line with its stated ambition of being a ‘MEA icon by 2017’. Currently the QNB Group, with Ecobank included, operates in 61 countries and three continents around the world.


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