Qatar National Bank (QNB) has announced the acquisition of a 12.5 per cent stake including both ordinary and convertible preference shares in Ecobank Transnational Incorporated, a leading pan-African bank.

Ecobank Transnational Incorporated (Ecobank) was set up in 1985 in Lomé, Togo, where it is headquartered. Ecobank has a presence in 36 countries across the African continent and in four other countries across the globe.

Ecobank had $23.4 billion of assets and had generated $255 million of profit before tax for the first half of 2014.

The QNB Group stated ambition of being an MEA Icon by 2017 is brought closer to realisation through the potential opportunities and commercial benefits resulting from this partnership, a statement said.

The stake of 12.5 per cent includes the current outstanding ordinary shares and the conversion of QNB’s convertible preference shares, the statement said. – TradeArabia News Service