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FINANCIAL NEWS
QNB acquires stake in Togo’s Ecobank
05 Sep 2014
(MENAFN) Qatar National Bank (QNB) announced acquiring a 12.5 per cent stake in Ecobank Transnational Incorporated, Gulf News reported.
Ecobank is set up in Lom”, Togo and is a leading pan-African bank with a presence in 36 countries across the African continent and in 4 other countries across the globe.
The bank is one of the top three banks, in terms of assets, in 14 of the countries in which Ecobank is present. As of this June, the bank had USD23.4 billion of assets and had USD255 million registered in profit.
The bank also operates a network of 1.241 branches, servicing over 10.8 million customers, as well as having 20.114 employees, making Ecobank the largest employer in the financial sector industry in Middle Africa.
QNB operates in 26 countries and 3 Continents around the world. The Group already has a significant trading presence in Africa with branches, subsidiaries and associates operating in Algeria, Egypt, Libya, Mauritania, Sudan, and Tunisia.
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