QNB completes first phase of rights issue

25 November 2007

Qatar National Bank (QNB) was offered $979m by existing shareholders, 50 per cent more than it was seeking, as part of the banks capital raising programme to finance its expansion plans.

The new shares will be issued to existing shareholders in the bank at a ratio of one new share for every eight shares currently held.

A second capital raising will occur in April 2008 when the bank will issue one new share for every 10 shares held at the time.

In total the bank, which is 50 per cent owned by the government of Qatar, will raise $1.39bn from existing shareholders to fund its plans to expand across the GCC. The bank recently paid nearly $200m for a stake in Jordan’s Housing Bank for Trade and Finance.


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