Qatar National Bank plans Syria affiliate IPO

QATAR MOVE: Qatar National Bank will offer 32.5 percent of its Syria affiliate in an IPO in May. (Getty Images)

Qatar National Bank (QNB) plans to introduce 32.5 percent of its affiliate bank in Syria for initial public offering (IPO) in May, a senior QNB executive has said.

Plans to finalise the IPO for Qatar National Bank – Syria had been agreed by the bank’s board of directors after approval from the Central Bank of Syria, said Ali Ahmed Al Kuwari, executive general manager and chief business officer at QNB.

QNB, the largest bank in Qatar in terms of assets and market value, owns 49 percent of the new bank’s capital, valued around $100m, while Syrian government organisations hold 15.5 percent and the private sector own three percent.

The Syrian cabinet agreed in January last year to establish Qatar National Bank – Syria as a joint company with a capital of 5bn Syrian pounds ($108m) divided into 10m registered shares, with each share valued at 500 Syrian pounds ($10.8).

Headquartered in Damascus, QNB plans for the new bank to expand to open more branches across the country and outside Syria.

Gulf financial corporations have shown increasing interest in Syria since it opened its doors to foreign investment four years ago.

Al Kuwari was speaking in an interview with CNBC Arabiya.

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