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Qatar: QNB takes African stake

Qatar National Bank (QNB) has entered sub-Saharan Africa with the acquisition of a 23.5% stake in Togo-based Ecobank Transnational Incorporated (ETI). QNB took a 12.5% stake through the purchase of ordinary and convertible preference shares from Asset Management Corporation of Nigeria (Amcon) on the Nigerian Stock Exchange. Amcon is a Nigerian state ‘bad bank’, which took over the asset following Ecobank’s disastrous merger with Lagos-based Oceanic Bank.On 15 September, QNB announced that it had acquired an additional 11% for the equivalent of $283m, “funded through existing resources”. QNB said it had taken a “fundamental step” towards its “strategy of being a MEA Icon by 2017”.

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