QNB ACQUIRES STAKE IN ECOBANK
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.