QNB appoints banks to raise $1.7bn loan

06 April 2016

Qatar’s largest bank seeking three-year facility for general corporate purposes

Qatar National Bank (QNB), the biggest lender in the gas-rich Gulf state, has appointed banks to arrange a €1.5bn ($1.7bn) loan on its behalf.

QNB is raising the funds through a three-year facility, which will be used for general corporate purposes, the bank said in a statement to the Qatar Stock Exchange, on which its shares are traded.

The bookrunners on the loan are France’s Credit Agricole and Societe Generale, with Netherlands-based ING acting as mandated lead arranger, according to the statement.

QNB also plans to increase capital to maintain its reserves above the regulatory requirements and support future growth, the lender said in January.

The bank, which announced a 7.7 per cent increase in its 2015 net profit, said it plans to issue bonds to increase Basel III-compliant Tier-1 and Tier-2 capital.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.