Doha Bank planning capital hike to fund expansion
- Qatar: Thursday, September 20 - 2012 at 09:08
Qatar's fourth-biggest by assets, Doha Bank has said it may raise as much as QR5.1bn ($1.4bn) from selling shares as it seeks to boost lending and expand in foreign markets, Bloomberg has reported. The capital increase will help the bank participate in the country's "major infrastructure" projects and expand overseas, including opening a branch in Abu Dhabi in the next two months, CEO Raghavan Seetharaman told reporters in Doha. The increase will also help the bank meet capital requirements under Basel III rules, he said. The lender will raise the money in the first quarter of 2013 and needs shareholder approval for the 50% capital increase, with details of the plan to be announced later.
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