QNB mandates banks for US$3bn loan

Published: February 12, 2015

Barclays and HSBC lead transaction.

Qatar National Bank has mandated investment banks to help it raise US$3bn in the loan market.

Barclays and HSBC are coordinators for the deal, while The Bank of Tokyo-Mitsubishi, Deutsche Bank, Mizuho, Standard Chartered and Sumitomo Mitsui Banking Corporation are bookrunners.

The bank will use the money for general corporate purposes.

Last year QNB Group reported a net profit of QAR10.5bn (US$2.8bn), a year-on-year increase of 10.5% driven by a 7.3% rise in operating income. Earnings per share rose to QAR14.9 from QAR13.5.

The group also acquired a stake of almost 20% in Africa’s Ecobank, a deal that its management team has said will help it reach its goal of becoming a “MEA [Middle East and Africa] icon" by 2017.