QNB, “one of the world’s strongest banks” has acquired an additional holding of 11.0 percent (2,047,877,260 ordinary shares) in Ecobank Transnational Incorporated (Ecobank). QNB Group’s total stake in Ecobank is now 23.5 percent. The cost of this additional holding was equivalent to $283m. Today’s acquisition was funded through existing resources and QNB 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. This enables QNB Group to become the largest shareholder whilst strengthening the partnership with Ecobank, a leading pan-African bank and is a fundamental step towards QNB’s strategy of being a MEA Icon by 2017.
Ecobank was set up in 1985 in Lomé, Togo, where it is headquartered. Ecobank is the leading pan-African bank with a presence in 36 countries across the African continent and in 4 other countries across the globe.
Ecobank is one of the top three banks by assets in 14 of the countries in which Ecobank is present. As at June 2014, Ecobank had $23.4b of assets and had generated $255m of profit before tax (for the 6 months to June 30, 2014).© Copyright - Saudi Gazette