Qatar's Doha Bank said on Sunday it would hold a shareholder meeting on November 24 to seek approval for a QR2bn ($549.3 million) capital-boosting bond issue.
The issue, which will happen before March 30, 2014, should the assent be given will help enhance the lender's Tier 1 - or core - capital. It will be privately placed with Qatari institutional investors, the bank said in a bourse filing.
Doha Bank said last month it planned to make the offering, which would have a perpetual tenor but would have a clause allowing the bank to redeem them after six years.
They would be issued either by Doha Bank itself or a special purpose vehicle 100 percent-owned by the bank - a necessary step if the notes were going to be Islamic bonds.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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