QNB selects banks for $3bn loan

11 February 2015

Qatar National Bank says facility is for general corporate purposes

Qatar National Bank (QNB) has mandated several banks to raise a $3bn senior unsecured term loan facility.

Barclays Bank and HSBC are the coordinating banks on the deal. Japanese lenders Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank and SMBC, alongside Germany’s Deutsche Bank and the UK’s Standard Chartered are the initial mandated lead arrangers and bookrunners on the deal.

The loan is being used for general corporate purposes, according to a statement from the bank.

QNB is the largest bank in the Middle East and it saw its assets grow to a new high over the course of 2014, reaching QR486bn ($133.6bn).

Total assets increased by almost 10 per cent from December 2013. The lender also recorded a close to 9 per cent growth in loans and advances to reach QR338bn.

Net profits also grew, rising by 10.3 per cent on 2013 to reach QR10.5bn.

QNB maintained a low non-performing loan (NPL) ratio of 1.6 per cent, one of the lowest ratios seen across the Middle East and Africa.

During 2014, it expanded its international presence, acquiring a 19.4 stake in Africa’s EcoBank. The Qatari bank also acquired an additional stake in QNB Indonesia, bringing its total stake to 82.6 per cent.

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.

Get Notifications