CBQ completes $700m LSE listing

29 June 2008
Commercial Bank of Qatar has raised $700m on the London Stock Exchange through an offering of global depositary receipts, alongside a $200m rights issue to existing shareholders in Doha.

The bank said the funds will be used to finance the continued expansion of the bank, which has already acquired controlling stakes and taken over the management of banks in Oman and the UAE.

The fund raising also brings the bank’s capital to $566m. Morgan Stanley and Societe Generale acted as financial advisers to CBQ.

Last week the Doha Securities Market (DSM), where CBQ has its primary listing, announced a tie-up with the NYSE Euronext, which will see the US exchange take a 25 per cent stake in the DSM. The deal is intended to help promote cross listings between the two exchanges.

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