QNB aims to dou­ble for­eign lim­its as lenders squeezed

Arab News - - BUSINESS -

DOHA: Qatar Na­tional Bank, the Mid­dle East's big­gest bank, on Mon­day said it aimed to al­most dou­ble its for­eign own­er­ship limit, nine months into a re­gional cri­sis with Doha at its cen­ter.

“QNB Group in­tends to rec­om­mend to the Ex­tra­or­di­nary Gen­eral Assem­bly of the Bank, to ap­prove in­creas­ing the per­cent­age of nonQatari own­er­ship in the com­pany's cap­i­tal to 49 per­cent in­stead of 25 per­cent,” read a state­ment re­leased by QNB.

The bank said it would an­nounce the date for the EGA “in due course.”

The pro­posed move comes at a time of po­lit­i­cal and eco­nomic cri­sis for Qatar, which has seen neigh­bor­ing for­mer al­lies led by Saudi Ara­bia im­ple­ment an on­go­ing trade boy­cott of Doha over ac­cu­sa­tions of ties to Iran and ex­trem­ist groups. Qatar de­nies the al­le­ga­tions

Saudi Ara­bia, the UAE, Bahrain and Egypt cut all ties with Qatar last June.

The In­ter­na­tional Mone­tary Fund this month re­ported that Qatar had pumped $43 bil­lion into its banks through­out the cri­sis, in a bid to off­set plum­met­ing de­posits and for­eign fi­nanc­ing.

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