| 01 Jul 2009 |
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QNB-Syria to launch IPO on July 12
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DOHA: Qatar National Bank (QNB) - SyriaQatar National Bank (QNB) - Syria
, a private Syrian-Qatari bank, announced yesterday the launch of 34 percent of its total equity in an Initial Public Offering (IPO) which opens to subscribers on July 12, 2009, with the subscription closing on August 10, 2009. The bank's total paid up capital stands at SYP5bn (QR 365bn) which is divided into 10 million registered shares, with QNBQNB retaining 49 percent, the Syrian government organisations holding 15 percent and private investors holding 2 percent.
The newly established bank's IPO will put up the remaining 34 percent or 3,400,000 shares for subscription by Syrian private investors at a nominal share value of SYP500 (about QR39.5) making up the total value of shares available for subscription at SYP1,700m.
The QNB-SyriaQNB-Syria IPO will be one of the biggest in Syria during 2009 and will offer Syrian investors with a significant opportunity to participate in the growth of the Syrian financial sector.
QNBQNB, the largest Bank in Qatar in terms of assets, lending capabilities and market capitalisation, received approval in 2008 from the Central Bank of Syria to establish Qatar National Bank-Syria as a private stock company. The accord to establish QNB-SyriaQNB-Syria received an overwhelming support by the Syrian cabinet and other regulatory bodies.
Headquartered in Damascus, QNB-SyriaQNB-Syria
which is expected to start operations during the fourth quarter of this year will be offering a full range of Retail, Corporate, Investment, Treasury and Wealth Management, products and services for individuals, corporate institutions and government entities. QNBQNB Syria has also outlined plans to progressively expand by opening a number of branches in the Syrian market, including two locations in Damascus in the first year of operation, with the opening of additional branches in Damascus and other provinces in subsequent years.
This partnership comes as an important and advanced step in further developing political and economic ties between the two sister countries, which continue to enjoy strong bilateral relations. QNB-SyriaQNB-Syria
will also play a major role in promoting Qatari investment in the Syrian Arab Republic, said QNBQNB in a statement. The commencement of operations in Syria is a major milestone in the implementation of QNBQNB's strategic plan of increasing its presence in selected countries in the Middle East and North Africa Region.
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