Sunday, Apr 15, 2012
(This story was originally published Thursday)
DOHA, Qatar (Zawya Dow Jones)--Qatar National Bank (QNB.QA), the country's largest lender by market value, said Thursday it bought a 49% stake in a private Libyan lender for an undisclosed sum.
In a statement, QNB said it would acquire 49% of the Bank of Commerce and Development in Libya--a move it said would give it exposure to a fast-growing market in the North African country.
QNB last week reported a 17% jump in first-quarter net profit to 2 billion Qatari riyals ($549 million) and is currently circling Denizbank, the Turkish unit of stricken Franco-Belgian bank Dexia SA (DEXB.BT).
The bank said it looks forward to increasing its presence in the Libyan market, "which is anticipated to record healthy growth rates, paving the way to a wide range of banking services in partnership with the Bank of Commerce and Development."
Bank of Commerce and Development Chairman Jamal Abdelmalek said the deal would give the company fresh capital to expand domestically.
The Libyan bank was established in 1995 and has total assets of $2 billion, the statement said.
The deal comes less than three months after the Qatari lender said it had agreed to take a majority stake in Morocco-based Union Marocaine des Banques.
Half owned by the Qatari government, QNB is fast expanding across the Middle East and North Africa and has a presence in 24 countries.
Talks between QNB and Denizbank are continuing, a person familiar with matter told Zawya Dow Jones Wednesday.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com
(END) Dow Jones Newswires
15-04-12 0359GMT
