Kuwait's Al Ahli Bank eyes expansion in Qatar

Gulf lender aims to capitalise on World Cup financing opportunities through acquisition or mergers
Kuwait's Al Ahli Bank eyes expansion in Qatar
Al Ahli Banks expansion in Qatar would be either through acquisition or merging with other banks
By Reuters
Mon 31 Jan 2011 08:32 PM

Al Ahli Bank of Kuwait is planning to expand in Qatar in 2011 to capitalise on opportunities in the Gulf Arab state after its winning bid for the 2022 soccer World Cup, a senior executive at the bank said.

ABK's expansion in Qatar will be "either through acquisition or merging with other banks in Qatar, part of expanding the bank's operations in the Gulf", deputy chief general manager Abdullah Al Sumeit said on Monday.

The lender also wants to focus on development projects within Kuwait's $107bn four-year development plan, and participate in their financing, he said.

Last week, Fitch Ratings affirmed the bank's long-term issuer default rating at A-, with a Stable outlook.

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