| 02 Sep 2010 |
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QNB eyes major stake in Bank Kesawan
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Doha: Qatar National BankQatar National Bank
Group (QNBQNB) and Bank Kesawan recently signed a "Letter of Intent" which, when complete, would make QNBQNB the "Standby Buyer" for a planned rights issue and may result in QNBQNB Group becoming the controlling shareholder of the Indonesia-based bank, a press release from QNBQNB said yesterday.The conclusion of the transaction remains subject to regulatory and shareholder approvals in Indonesia and upon the completion of an already initiated due diligence process, by an independent third party. The rights issue is expected to close in the first quarter of 2011.
Bank Kesawan currently operates a network of 33 branches throughout Indonesia, with total assets of approximately $260m and shareholders' equity of approximately $20, with a Capital Adequacy Ratio of 12 percent.
QNBQNB is the leading financial institution in Qatar and one of the largest banks in the Middle East and North Africa (Mena) region, with branches, offices and affiliates in 24 countries spanning Europe, the Middle East & North Africa, and Asia.
As of June 30, 2010, QNBQNB
's net profit was QR2.7bn, up 30.8 percent on the net profit delivered in June 2009. During the same period, total assets grew to QR186.0bn, representing an increase of 26.5 percent. Total equity attributable to the bank's shareholders also grew since June 2009 to QR21.1bn, representing an increase of QR3.4bn, or 19.0 percent.QNBQNB's capital adequacy ratio, meanwhile, remains at an extremely healthy 13.2 percent compared to the minimum capital standard of 8 percent prescribed by Basel II and the 10 percent mandated by the Qatar Central Bank.
The Letter of Intent with Bank Kesawan supports QNBQNB
's international expansion plans, which in recent years have become an integral part of the Bank's growth strategy and commitment to diversify the sources of its revenue by exploring new and promising opportunities.QNBQNB reinforced its international position by opening its first branch in Mauritania recently and obtaining regulatory approval to operate in Lebanon.
QNBQNB Group provides a full range of banking services and products for individuals, corporate entities and governments. These include conventional retail, corporate, treasury, private (QNBQNB Private) and investment banking (QNBQNB Capital) services, as well as a broad range of bespoke Islamic banking solutions through QNBQNB Al Islami, the Group's Islamic banking arm, which is one of the fastest growing Islamic banking windows in the GCC region.
Bank Kesawan was founded in 1913 and is headquartered in Jakarta. It is one of the leading financial institutions in the country.
© The Peninsula 2010
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