Qatar National Bank SAQ (“QNB”) announces that it has today acquired (the “Acquisition”) an additional holding of 11.0%(*) (2,047,877,260 ordinary shares) in Ecobank Transnational Incorporated (“ETI”). The Acquisition is expected to complete 3 days from the date hereof. QNB’s total stake in ETI is now 23.5% (*). QNB expects to be a long term holder of the shares in ETI. Only the Qatar Investment Authority (http://www.qia.qa/) owns 5% or more of QNB. The shares of QNB are listed on the Qatar Exchange.”
(*) The two stakes include the current outstanding ordinary shares and the conversion of QNB’s convertible preference shares.
The QNB Group stated ambition of being a MEA Icon by 2017 is brought closer to realisation through the potential opportunities and commercial benefits resulting from this partnership. This move further consolidates the growth strategy pursued by The QNB Group over recent years.
QNB Group, through its subsidiaries and associates (including Ecobank), operates in 61 countries and 3 Continents around the world.
QNB was recently recognized as “The Best Bank in The Middle East” by Euromoney Magazine and was voted “One of the Top 50 Safest Banks in the World” by Global Finance Magazine in 2013.
The two stakes include the current outstanding ordinary shares and the conversion of QNB’s convertible preference shares