Barwa Bank raises US$466.8mn

Barwa Bank raises US$466.8mn

Published: January 9, 2012

Rights issue will fund Qatari bank’s expansion.

Barwa Bank is set to expand its operations after raising QAR1.7bn (US$466.8mn) through a rights issue.

The Qatar-based Islamic bank attracted bids totalling QAR1.9bn after offering 109.1mn new shares to its existing shareholders.

The rights issue takes Barwa Bank’s issued capital up to QAR3bn.

Barwa Bank, which bought the shariah-compliant retail operation of International Bank of Qatar in August, reported profits of QAR164mn for the first nine months of 2011, up from QAR1.4mn during the same period of 2010.