|06 March, 2019

Qatar National Bank closes $2.26bln loan with high subscription

The new syndicated loan replaces a euro-denominated loan obtained in May 2016

A view shows a branch of Qatar National Bank (QNB) in Riyadh, Saudi Arabia, June 5, 2017.

A view shows a branch of Qatar National Bank (QNB) in Riyadh, Saudi Arabia, June 5, 2017.

REUTERS/Faisal Al Nasser

DOHA- Qatar National Bank , the largest bank by assets in the Middle East and Africa, said on Wednesday it had closed a syndicated, three-year loan worth 2 billion euros ($2.26 billion), with subscriptions reaching 3.5 billion euros.

The new syndicated loan replaces a 2.25 billion euro-denominated loan obtained in May 2016.

"Despite the excess commitments received, QNB decided to reduce the overall issuance and closed the transaction successfully at 2.0 billion euros," a statement from QNB said.

QNB, which is 50 percent owned by Qatar’s sovereign wealth fund Qatar Investment Authority, is a regular borrower in the international syndicated loan market. Over the past three years it has raised more than $7 billion in loans.

Crédit Agricole Corporate and Investment Bank , Intesa Sanpaolo S.p.A. , Societe Generale Corporate & Investment Banking, UniCredit , and ING Bank were lead arrangers on the loan, QNB said.

($1 = 0.8846 euros)

(Reporting by Eric Knecht Editing by Edmund Blair) ((eric.knecht@thomsonreuters.com; +20 2 2394 8102; Reuters Messaging: eric.knecht.thomsonreuters.com@reuters.net))

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