Qatar's Commercial Bank still looking to sell United Arab Bank stake

Commercial Bank continued to classify its shares in UAB as an "asset held for sale"

  
Qatar Commercial Bank's head office building is seen in Doha November 29,2009.

Qatar Commercial Bank's head office building is seen in Doha November 29,2009.

REUTERS/Fadi Al-Assaad

DUBAI  - Qatar's Commercial Bank, the country's third-largest bank by assets, said on Wednesday it is still looking to sell its 40% stake in Abu Dhabi-listed United Arab Bank (UAB), after sale talks stalled last year.

Commercial Bank continued to classify its shares in UAB as an "asset held for sale", according to a statement announcing its financial results for the nine-month period ending on Sept. 30.

Qatar became locked in a diplomatic dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain in mid-2017.

Commercial Bank has since looked to sell its stake in UAB. However, last year, it ended sale talks with United Arab Emirates-based private equity firm Tabarak Investment after the pair failed to agree terms.

The Qatari lender has previously said it is not being pressured to sell as a result of the Gulf rift and is planning to re-invest the proceeds from the sale into its business in Qatar and Turkey, where it owns Alternatifbank.

Commercial Bank posted a nine-month net profit of 1.5 billion riyals ($412.09 million), up from 1.26 billion riyals during the same period last year.

($1 = 3.6400 Qatar riyals)

(Reporting by Davide Barbuscia; editing by Uttaresh.V) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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