Published: Sep 06, 2014
Source: Khaleej Times

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QNB buys 12.5% stake in Ecobank

Qatar National Bank (QNB) on Thursday bought a 12.5 per cent stake in Ecobank for about $200 million, its latest purchase in a drive to be the biggest bank in the Middle East and Africa by 2017. 

QNB bought the shares from Nigeria’s state-owned “bad bank” Asset Management Company of Nigeria (Amcon). Amcon acquired the Ecobank stake when the pan-African lender merged its Nigerian operations with Oceanic Bank, a failed lender that Amcon helped recapitalise.

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