QNB Will Buy 49% of Bank of Commerce & Development; Bloomberg
Qatar National Bank, the country’s biggest lender, said it received regulatory approval to buy 49 percent of Libya’s Bank of Commerce & Development, according to a statement to the Qatari bourse today.
The transaction requires the approval of the Libyan bank’s general assembly, Qatar National said. It didn’t reveal the value of the acquisition, nor when it will be completed.
Qatar National plans to increase its capital by 25 percent through a rights offer in the second quarter, to fund growth, Chairman Yousef Kamal, who is also Qatar’s finance minister, said on Jan. 30.
The bank seeks to increase its business outside the Persian Gulf emirate, where 1.6 million people are served by 11 domestic banks and seven foreign bank branches. Qatar National owns 69.59 percent of PT Bank Kesawan after participating in a rights offering by the Indonesian lender, Kesawan said last month.
Qatar National is expanding its presence in Syria, Sudan and oman, Chief Executive Officer Shareef Al Emadi said in July.
The stock fell 0.3 percent to 146 riyals a share on the Qatar Exchange today and has risen 62 percent in the past year, making it the second-best performing bank stock on the exchange in the period. Masraf Al Rayan is the top performer.
