Thursday, September 04, 2014 7.06 Pm / ETI
Ecobank Transnational Incorporated (ETI) today welcomed the acquisition of a 12.5(1) percent minority stake in ETI by Doha-based Qatar National Bank (QNB) through QNB’s purchase of both ordinary and convertible preference shares. QNB bought the shares from the Asset Management Corporation of Nigeria (AMCON) on the Nigerian Stock Exchange.
Following the transaction Ecobank is discussing a strategic partnership with QNB which will enable the two banks to forge business relationships of mutual interest to their respective customers.
ETI Group Chief Executive Officer Albert Essien said: “Ecobank is the bank with the largest footprint in sub-Saharan Africa. This strategic link with QNB, one of the world’s strongest banks, will enhance Ecobank’s reach in North Africa and the Gulf.” Ecobank already has a strong strategic partnership with South African banking giant Nedbank, which makes it a dominant player in Middle Africa and South Africa. This will enhance Ecobank’s position as the Pan-African Bank.
QNB operates in 26 countries and three continents. It has a significant trading presence in Africa with branches, subsidiaries and associates operating in Algeria, Egypt, Libya, Mauritania, South Sudan, Sudan and Tunisia. It was recognised as “The Best Bank in The Middle East” by Euromoney Magazine and was voted “One of the Top 50 Safest Banks in the World” by Global Finance Magazine in 2013.
Ecobank today is one of the top three banks (by assets) in 14 of the 36 African countries where it is present. As of June 2014, it had USD23.4b of total assets and generated USD255m of profit before tax (for the 6 months to 30 June 2014). It operates across its unique network of 1,241 branches, 2,500 automated teller machines and 16,245 point of service terminals servicing over 10.8 million customers. With 20,114 employees, Ecobank is the largest employer in the financial sector industry in Middle Africa.
Note 1. The stake of 12.5% includes current outstanding ordinary shares and the conversion of convertible preference shares