Qatar National Bank (QNB) has acquired additional 11% stake in Togo-based Ecobank Transnational with $283m fresh investment.

With this purchase, the QNB’s total stake in the pan-African lender has rose to 23.5% making it the largest shareholder in Ecobank followed by South Africa’s state-owned Public Investment Corporation.

Couple of weeks back, QNB acquired 12.5% minority stake in Ecobank Transnational.

According to the statement, the latest acquisition was funded through "existing resources and QNB will account for Ecobank as an associate in accordance with International Financial Reporting Standards."

QNB Capital and Morgan Stanley acted as financial advisors to QNB in relation to the transaction.

Ecobank was set up in 1985 and presence in 36 countries across the African continent and in four other countries across the globe. It is one of the top three banks by assets in 14 of the countries in which Ecobank is present.

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By GlobalData

As at June 2014, Ecobank had $23.4bn of assets and had generated $255m of profit before tax for the six months to 30 June 2014.

The deal is part QNB’s stated strategy to become the largest bank in the Middle East and Africa by 2017.