03/07/2008 Commercial bank of Qatar to the Main Market
3 July 2008
The London Stock Exchange is delighted to welcome Commercial Bank of Qatar to the Main Market.
Commercial Bank of Qatar (“CBQ”) is one of the leading commercial banks in the GCC region, offering a wide range of corporate, retail and Islamic banking services and products to its customers in Qatar. Since its incorporation in 1975, the bank has, through organic growth and strategic investments in other GCC banks, gained a strong presence in Qatar, Oman and a developing presence in the United Arab Emirates.
CBQ successfully raised US$700 million via the issue of depositary receipts on the Main Market and becomes the first Qatari bank to be listed on the Exchange with a market capitalisation at pricing of approximately US$8.6 billion.
The Company intends to use the proceeds to fund the Bank's organic and inorganic growth, and will also further strengthen the Bank's capital ratios.
The London markets were today opened by Mr Andrew Stevens, the Group Chief Executive Officer of CBQ. The welcome ceremony was hosted by the Chairman of the Exchange, Mr Chris Gibson-Smith.
Morgan Stanley Co. International plc acted as the Sole Bookrunner and Global Coordinator while Société Générale acted as the Lead Manager for the offering.