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Qatar's commercial bank to raise $600-700 mln in debt over next 6-12 months -CEO

Credit: REUTERS/Neil Hall

Qatar's Commercial Bank plans to raise $600-700 million in debt over the next six to 12 months, the bank's chief executive officer Joseph Abraham said on Tuesday.

Adds comment, background on sector

DOHA, Sept 10 (Reuters) - Qatar's Commercial Bank COMB.QA plans to raise $600-700 million in debt over the next six to 12 months, the bank's chief executive officer Joseph Abraham said on Tuesday.

Abraham said the bank, the country's third-largest lender by assets, would look into dollar and euro bonds to raise the debt.

The bank has previously expressed interest in a variety of funding sources, including Kangaroo bonds, as well as Taiwanese and Japanese bonds.

Qatari banks, traditionally reliant on foreign funding, have sought to tap a larger variety of investors after Qatar became locked in a diplomatic dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain in mid-2017.

Commercial Bank has since looked to sell its 40 percent stake in Abu Dhabi-listed United Arab Bank UAB.AD.

(Reporting by Eric Knecht Editing by Shri Navaratnam and Louise Heavens)

((eric.knecht@thomsonreuters.com; +20 2 2394 8102; Reuters Messaging: eric.knecht.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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