Togo: North Africa beckons for Ecobank

Published Sep 18, 2014

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THE PURCHASE by Qatar National Bank (QNB) of a 23.5 percent stake in Ecobank Transnational would help the Togo-based lender gain potential access to north African markets, Ecobank said on Tuesday. “This is a great asset and a good support as it opens for us horizons in north Africa and in countries in the circle of influence of QNB,” Ecobank spokesman Richard Uku said from Lomé, Togo. QNB, the Middle East’s biggest lender by market value, bought an 11 percent stake in Ecobank for $283 million (R3bn) on Monday to become its top shareholder. It bought a 12.5 percent stake valued at about $230m on September 4. It was too early to say whether Ecobank would open agencies in northern African countries, Uku said. The bank’s strategy remained focused on sub-Saharan Africa. Nedbank formed an alliance with Ecobank in 2008 and has the option until November 25 of gaining a 20 percent stake. “Our partnership will not negatively affect our relationship with Nedbank,” Uku said. Nedbank remained committed to its alliance with Ecobank, it said last week. – Bloomberg

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