QNB Syria unit plans $300m capital boost
Doha, May 15, 2010
Qatar National Bank (QNB) said its Syrian unit QNB-Syria, has won approval from shareholders to increase its capital to SL15 billion ($300 million).
A private Syrian-Qatari bank, The QNB-Syria offers a full range of retail, corporate, investment, treasury and wealth management products and services.
Announcing this at the Extraordinary General Assembly meeting on Thursday, the bank said the capital hike will strengthen the QNB-Syria’s financial position and consequently support its aim to be a major financial institution in Syria.
Also at the meeting, QNB announced plans to boost its stake from 49 to 55 per cent in the Syrian-Qatari bank. QNB Syria later described the move as an important step towards realizing its strategic international growth plans.
The Bank said it had received approval from the Central Bank of Syria as well as other regulatory authorities both for the capital hike and also for the increase of QNB’s stake from 49 to 55 per cent of the total shares.
The Assembly later approved several key proposals at the meeting-TradeArabia News Service