Qatar’s biggest bank looks to double foreign ownership

Qatar National Bank, the Middle East’s biggest bank, yesterday said it aimed to almost double its foreign ownership limit, nine months into a regional crisis with Doha at its centre, reports AFP from Doha.

“QNB Group intends to recommend to the Extraordinary General Assembly of the Bank, to approve increasing the percentage of non-Qatari ownership in the Company’s capital to 49 per cent instead of 25 per cent,” 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 neighbouring former allies led by Saudi Arabia implement an ongoing trade boycott of Doha over accusations of ties to Iran and Islamist groups. Qatar denies the allegations.

 

Qatars biggest bank looks to double foreign ownership

Qatar National Bank, the Middle Easts biggest bank, yesterday said it aimed to almost double its foreign ownership limit, nine months into a regional crisis with Doha at its centre, reports AFP from Doha. QNB Group intends to recommend to the Extraordinary General Assembly of the Bank, to approve increasing the percentage of non-Qatari ownership in the Companys capital to 49 per cent instead of 25 per cent, 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 neighbouring former allies led by Saudi Arabia implement an ongoing trade boycott of Doha over accusations of ties to Iran and Islamist groups. Qatar denies the allegations.