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Qatar National Bank buys Nigeria 12.5 pct Ecobank stake for $200 mln
September 4, 2014 / 1:33 PM / in 3 years

Qatar National Bank buys Nigeria 12.5 pct Ecobank stake for $200 mln

LAGOS, Sept 4 (Reuters) - Ecobank on Thursday said Qatar National Bank (QNB) had acquired a 12.5 percent stake in the African lender from Nigeria’s government-owned “bad bank” AMCON.

Stockbrokers told Reuters that $200 million worth of Ecobank shares were transferred to the Gulf’s largest bank on Thursday at 20.01 naira each.

AMCON acquired the stake after Ecobank merged its Nigerian operations with failed lender Oceanic Bank, which AMCON helped to recapitalise, before the Ecobank takeover.

With the sale, AMCON, the second-largest shareholder in Ecobank, has divested its stake. (Reporting by Chijioke Ohuocha; Editing by Tim Cocks and Mark Potter)

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