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Finance: Ecobank in partnership with Qatar National Bank

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A new shareholder is added to share capital of the Ecobank group. The Qatari giant “Qatar National Bank” indicated on Thursday having bought back the shares of the AMCON Company (12, 4 %) in the capital of the Pan-African group. The Objective of the new shareholder is to stand as leader on the African continent and in the Middle East in 2017.

The buying back operation made by the Qatar National Bank concerns ordinary shares and those privileged convertible held by the Asset Management Company of Nigeria (AMCON) on the Nigerian Stock Exchange.

The new shares by the Qatari bank made of it the second shareholder of the group after the pension fund by South African Public Investment Corporation and in front of IFC, the subsidiary of the World Bank.

For its part, Ecobank hopes to enter new markets (mainly those of North Africa and the Middle East). “This strategic partnership with QNB, one of the most solid banks of the world, will allow a better access of Ecobank to North Africa regions and Gulf States“, indicated the Pan-African group evoking the happy experience with Nedbank that opened to it the doors of the South African market.

According to its management, Ecobank is classified among the first three banks (in terms of total balance) in 14 over 36 African countries where it is established. At the end of June 2014, it showed a total balance of 23, 4 billion $EU and a result before tax of 255 million $EU. It has a unique network of 1 241 agencies, 2 500 automatic teller machines and 16 245 payment terminal serving more than 10, 8 million customers. With a staff of 20 114 persons, Ecobank is the biggest employer of the banking and financial sector of the sub-Saharan Africa.

 

Original text by: Roger ADZAFO

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