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FINANCIAL NEWS
QNB acquires USD283m Ecobank stake
16 Sep 2014
(MENAFN) Qatar National Bank (QNB) has acquired an additional 11 per cent stake in Ecobank Transnational Incorporated in a USD283 million deal, making it the pan-African lender’s largest shareholder, Gulf Daily News reported.
This purchase comes after QNB acquired a 12.5pc stake in Ecobank from the Asset Management Company of Nigeria earlier this month.
QNB, which announced it wants to become the largest bank in the Middle East and Africa by 2017, is currently second in terms of assets to South Africa’s Standard Bank.
“This enables QNB Group to become the largest shareholder whilst strengthening the partnership with Ecobank,” QNB said.
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