Qatar National Bank, the Gulf’s largest bank, said on Thursday it was acquiring a 12.5 percent stake in pan-African lender Ecobank Transnational Incorporated (Ecobank).
No value for the transaction was given in QNB’s statement, which stated that the 12.5 percent stake it would hold would consist of current outstanding ordinary shares and the conversion of QNB’s convertible preference shares.
See Press release
Qatar National Bank SAQ (“QNB”) announces that it has today acquired (the “Acquisition”) 1,767,612,630 ordinary shares and 732,277,056 preference shares in the capital of Ecobank Transnational Incorporated (“ETI”). The Acquisition is QNBs first acquisition of shares in the Capital of ETI. The Acquisition of the ordinary shares is expected to complete 3 days from the date hereof. The acquisition of the preference shares is expected to complete shortly thereafter. QNB expects to be a long term holder of the shares in ETI. Only the Qatar Investment Authority (www.qia.qa) owns 5% or more of QNB. The shares of QNB are listed on the Qatar Exchange.”