Qatar National Bank, QNB, in support of its 2017 international expansion and growth ambition has acquired 12.5 percent stake in Ecobank Transnational Incorporated.
This was contained in a statement issued by the bank in Doha, Qatar on September 4, which stated, “QNB, One of the World’s Strongest Banks has announced the acquisition of a 12.5%stake, both ordinary and convertible preference shares, in Ecobank Transnational Incorporated.”
This strategic partnership with a leading pan-African bank, set up in 1985 in Lomé, Togo, where it is headquartered with a presence in 36 countries across the African continent and in 4 other countries across the globe, is a fundamental step towards QNB’s strategy of being a Middle East and Africa, MEA, Icon by the year 2017.
As at June 2014, Ecobank had $23.4bn of assets and had generated $255m of Profit Before Tax, PBT, and operates across its unique network of 1,241 branches, 2,500 ATMs and 16,245 POS terminals servicing over 10.8 million customers. With 20,114 employees, Ecobank is one of the largest employers in the financial sector industry in Middle Africa.
This move further strengthens the growth strategy pursued by the QNB Group in recent years. The bank presently operates in 26 countries and 3 continents around the world, with a significant trading presence in Africa and branches, subsidiaries and associates operating in Algeria, Egypt, Libya, Mauritania, South Sudan, Sudan, and Tunisia.