Qatar National Bank acquires 12.5% stake in ETI

PAN African lender, Ecobank Transnational Incorporated (ETI), on Thursday, announced that Qatar National Bank SAQ (QNB) has acquired 12.5 per cent stake in the bank.

ETI in a notice to the Nigerian Stock exchange (NSE) said QNB acquired 1,767,612,630 ordinary shares and 732,277,056 preference shares respectively in the bank.

Industry analyst said the 1,767,612,630 ordinary shares and 732,277,056 preference shares of the Pan African lender was transferred to QNB at N20.01 per share amounting to about $200 million.

The 12.5 per cent stake QNB acquired in ETI is from the Asset Management Corporation of Nigeria (AMCON). Nigeria’s Asset Management Corporation acquired the stake after the pan African lender merged with liquidated Oceanic Bank International Plc which AMCON bailed out before the merger and acquisition.

‘’The acquisition is QNB’s first acquisition of shares in the capital of ETI,” the Pan African lender said.

According to Ecobank, the acquisition of the ordinary shares is expected to be complete three days from the date hereof.

While the acquisition of the preference shares is expected to complete shortly thereafter and QNB expects to be a long term holder of the shares in ETI. 

ETI affirmed that the Qatar Investment Authority owns five per cent or more of QNB and whose are listed on the Qatar Stock Exchange.

Recall that the group was characterised by corporate governance issues, which is being addressed by the Nigeria’s Securities and Exchange Commission.

Source : Tribune

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