By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- Qatar National Bank SAQ (QNB) on Monday said it has acquired another 11 percent stake in pan African lender, Ecobank Transnational Incorporated (ETI) for $283 million, according to QNB in a statement.

The Qataris lender acquired 2,047,877,260 ordinary shares in ETI and the deal is expected to complete three (3) days from the date hereof the statement said.

Also, the two (2) stakes include the current outstanding ordinary shares and the conversion of QNB’s convertible preference shares.

This is coming on the heels of the acquisition of 12.5 percent stake in ETI by the Qataris lender from the Asset Management Corporation of Nigeria (AMCON) on Thursday September 04, 2014.

QNB had acquired 1,767,612,630 ordinary shares and 732,277,056 preference shares respectively in the bank which industry analysts say was transferred at N20.01 per share amounting to about $200 million.

QNB’s total stake in ETI is now 23.5% and the Qataris lender expects to be a long term holder of the shares in ETI.  ‘’Only the Qatar Investment Authority owns five percent (5%) or more of QNB. The shares of QNB are listed on the Qatar Exchange,” a statement from ETI said.

At the end of today’s trading session at the Nigerian bourse, shares of ETI gained 50 kobo as it opened N19.32 and closed at 19.82 indicating a an increase of 2.59 percent.