QNB AC­QUIRES STAKE IN ECOBANK

Qatar Today - - BUSINESS -

Qatar Na­tional Bank (QNB) has ac­quired an ad­di­tional hold­ing of 11% in Ecobank Transna­tional In­cor­po­rated (Ecobank) based at Lome in Togo in Mid­dle Africa. With this, the to­tal stake of QNB has in­creased to 23.5%.

Ecobank is the lead­ing pan-African bank with a pres­ence in 36 coun­tries across the African con­ti­nent and in four 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 $23.4 bil­lion (QR194.38 bil­lion) of as­sets and had gen­er­ated $255 mil­lion (QR819 mil­lion) of profit be­fore tax (for the six months to June 30, 2014) and has 1,241 branches, 2,500 ATMs and 16,245 POS ter­mi­nals ser­vic­ing over 10.8 mil­lion cus­tomers. With 20,114 em­ploy­ees, Ecobank is the largest em­ployer in the fi­nan­cial sec­tor in­dus­try in Mid­dle Africa.

Newspapers in English

Newspapers from Qatar

© PressReader. All rights reserved.