Fitch upgraded its rating on the Government of Egypt by one notch to B+ on 21 March, one notch higher than S&P and two higher than Moody's.
QNB acquires 23.5% of Togo-based Ecobank
Qatar National Bank's stake was accumulated in two stages. QNB announced on 4 September that it had acquired 12.5% through the purchase of ordinary shares and the conversion of existing convertible preference shares; and then it announced on 15 September that it had acquired a further 11% through additional share purchases.
QNB said that the stake had been funded from its existing resources. QNB is now Ecobank's biggest shareholder.
Ecobank had assets of $23.4bn at the end of June 2014 and generated profits of $255mn in the first half. It has 1,241 branches and 20,114 employees. It has a B- rating from Standard and Poors.
QNB said, "This strategic partnership with a leading pan-African bank is a fundamental step towards QNB's strategy of being an MEA Icon by 2017."
QNB now has a equity stakes in a significant number over overseas banks, including:
QNB ALAHLI (Egypt, formerly NSGB), 97%
Housing Bank for Trade and Finance (Jordan), 35%
Commercial Bank International (UAE - Ras al-Khaimah), 40%
QNB Tunisia (99.96%)
Mansour Bank (Iraq), 51%
Bank of Commerce and Development (Libya), 49%
QNB Kesawan (Indonesia), 70%
QNB also has a representative office in China and a wholly owned subsidiary in India, QNB India Private Limited.
QNB had assets of $127.9bn at the end of June 2014. It is the largest bank in the Arab world.
Ecobank's full name is Ecobank Transnational Incorporated. It was founded in 1985. In March, Ecobank's board ousted its Chief Executive, Tierry Tanoh, following a lengthy campaign led by the bank's biggest shareholder South Africa's Public Investment Corporation (PIC). PIC alleged that corporate governance failings made Mr. Tanoh unfit to lead the bank. Mr. Tanoh was replaced by the Deputy Chief Executive, Albert Essien.
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