QNB Holdings in Ecobank Rise to 23.5% With 11.0% New Stake

Doha, September 15 (QNA) - Qatar National Bank *QNB) has become largest shareholder in Ecobank Transnational Incorporated (Ecobank) with its holdings rising to 23.5% following additional acquisition of 2,047,877,260 ordinary shares (11%) Monday for US $238 Million. Existing resources funded today's acquisition and QNB will account for Ecobank as an Associate in accordance with International Financial Reporting Standards, QNB said in a media statement. QNB's financial advisors for this transaction are QNB Capital and Morgan Stanley. Ecobank is a leading pan-African bank and this acquisition is a fundamental step towards QNB's strategy of growing into a Middle East and African icon by 2017, the bank said. Ecobank was set up in 1985 in Lome, Togo, where it is headquartered. 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. It is one of the top three banks (by assets) in 14 countries where Ecobank operates. As at June 2014, Ecobank had US $23.4 Billion of assets and generated US $255 Million profit before tax (for the six months period ended June 30, 2014). The bank operates across its unique network of 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. 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, said the Qatari bank. QNB Group, through its subsidiaries and associates (including Ecobank), operates in 61 countries and three continents around the world, the QNB added. (QNA)