Qatar National Bank Expands in Africa With $230M Ecobank Deal

Qatar National Bank QSC, the largest Arab bank, acquired a 12.5 percent stake in Lome, Togo-based Ecobank Transnational Inc. (ETI), marking its first acquisition in sub-Saharan Africa.

QNB bought 1.77 billion Ecobank ordinary shares and 732.3 million preferred shares, according to a statement published on the Nigerian Stock Exchange newswire today. A 12.5 percent stake in Ecobank is valued at about $230 million based on the firm’s current market capitalization, Bloomberg calculations show.

Read more: Qatar National Bank Expands in Africa With Ecobank Deal – Bloomberg.

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