Qatari bank increases holding in Ecobank

Qatar National Bank (QNB) has acquired a further 11 percent stake in pan-African lender Ecobank Transnational Incorporated in a deal worth $283 million, the Qatari lender said in a statement on Monday.

QNB acquired 2.048 billion ordinary shares using its existing resources to take its total holding in the bank to 23.5 percent, the statement said.

Monday’s purchase comes after it acquired a 12.5 percent stake in Ecobank from Nigerian bad bank Asset Management Company of Nigeria (AMCON) this month.