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Doha Bank to increase capital
- Qatar: Tuesday, January 15 - 2013 at 06:18
Qatar's fifth-largest lender by market value, Doha Bank, has announced plans to raise its capital by 50%, with a quarter raised through a local rights issue and the remainder from a share sale in London, Reuters has reported. The lender's capital levels are lower than its Qatari peers and proceeds from the share issue are expected to be used mainly to plug that shortfall. A rights issue with shares priced at a 30% discount will help to raise about QR4.1bn ($1.13bn), Arqaam Capital analyst Jaap Meijer wrote in a research note, adding that the bank's core Tier 1 capital ratio would fall to 9.6% by the end of 2013 without a capital increase.
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