Qatar National Bank takes Ecobank stake

Qatar National Bank (QNB) has entered sub-Saharan Africa with the acquisition of a 23.5% stake in Togo-based Ecobank Transnational Incorporated. In early September, QNB bought a 12.5% stake in the bank on the Nigerian Stock Exchange for some $290m from Asset Management Corporation of Nigeria, which took over the asset following Ecobank’s disastrous merger with Lagos-based Oceanic Bank. QNB then bought another 11% for $283m ten days later.“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,” Ecobank said.