Doha Bank to is­sue $500m se­nior debt bonds

The Pak Banker - - Front Page -

DOHA: The third largest bank in Qatar, Doha Bank, on Mon­day said it plans to is­sue se­nior debt bonds of $500m through its fully-owned Ber­muda-based sub­sidiary in the first quar­ter of 2011.

The OGM was held to dis­cuss the is­sue of the se­nior debt bonds, among oth­ers. The Ber­muda-based Spe­cial Pur­pose Ve­hi­cle (SPV), which will is­sue the se­nior debt bonds have been in­cor­po­rated to sup­port the bank's mar­ket in­ter­ven­tions to raise cap­i­tal. The bonds and other mar­ket in­stru­ments will be guar­an­teed by Doha Bank.

The bank's chair­man, Mr. Fa­had bin Mo­hammed bin Jaber Al Thani, said that Doha Bank has been "able to en­dure and achieve high growth rates in most of the fi­nan­cial in­di­ca­tors."

Share­hold­ers at the OGM were in­formed that the bank's net profit dur­ing the pe­riod end­ing Novem­ber 30 2010 grew by 5.4%.

Re­turn on av­er­age as­sets grew by 2.6% while re­turn on av­er­age eq­uity was up by 22.4% dur­ing the pe­riod.

"As you are all well aware of the fact that the im­pli­ca­tions of the global fi­nan­cial cri­sis was con­sid­er­able and af­fected var­i­ous economies of the world in­clud­ing the de­vel­oped economies such as, Bri­tain, France, Spain and other eco­nomic giants who are wit­ness­ing un­prece­dented re­forms to emerge from this cri­sis and re­store the sit­u­a­tion to nor­mal­ity," he said putting the bank's per­for­mance in per­spec­tive and high­light­ing its achieve­ment.

"Un­der the wise lead­er­ship of H. H. The Emir, Sheikh Ha­mad Bin Khal­ifa Al-Thani and the strength and dura­bil­ity of Qatar econ­omy, we are look­ing for­ward to ac­com­plish ad­dit i onal out­lined ob­jec­tives on t he fi­nan­cial, or­ga­ni­za­tional and ser­vices lev­els as per our strate­gic plans," he said. -PB News

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