Damascus, Syria, 1 July 2009 – Qatar National Bank - Syria, a private Syrian-Qatari bank, announced today the launch of 34.0% of its total equity in an Initial Public Offering (IPO) which opens to subscribers on 12 July 2009, with the subscription ending on August 10th 2009.
QNB, which is the largest Bank in Qatar in terms of assets, lending capabilities and market capitalization, received approval in 2008 from the Central Bank of Syria to establish Qatar National Bank-Syria as a private stock company. The accord to establish QNB-Syria received an overwhelming support by the Syrian Cabinet and other regulatory bodies.
Total paid up capital is SYP5 billion (QR365 million). This is divided into 10 million registered shares, with QNB retaining 49%, Syrian government organizations holding 15% and private investors holding 2%.
The newly established bank's IPO will put up the remaining 34% or 3,400,000 shares for subscription by Syrian private investors at a nominal share value of SYP500 (Approx. QR39.5) making up the total value of shares available for subscription at SYP1,700 million.
The QNB-Syria IPO will be one of the biggest in Syria during 2009 and will offer Syrian investors with a significant opportunity to participate in the growth of the Syrian financial sector.
Headquartered in Damascus, QNB-Syria is expected to start operations during the 4th quarter this year offering a full range of Retail, Corporate, Investment, Treasury and Wealth Management, products and services for individuals, corporate institutions and government entities.
QNB Syria has also outlined plans to progressively expand by opening a number of branches in the Syrian market, including 2 locations in Damascus in the first year of operation, with the opening of additional branches in Damascus and other provinces in subsequent years.
This partnership comes as an important and advanced step in further developing political and economic ties between the two sister countries, which continue to enjoy strong bilateral relations. QNB-Syria will also play a major role in promoting Qatari investment in the Syrian Arab Republic.
The commencement of operations in Syria is a major milestone in the implementation of QNB's strategic plan of increasing its presence in selected countries in the Middle East and North Africa Region.
Currently QNB has branches in London, Paris, Kuwait, Oman, Yemen, Singapore, and Sudan, with Representative Offices in Libya and Iran. QNB has strategic stakes in a number of financial institutions including 33.5% stake in the Housing Bank of Trade and Finance (HBTF) in Jordan, 24% in Commercial Bank International in the UAE, and a 50% stake in the Qatari – Tunisian Bank.