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Thursday, 4 May 2017

REFILE-UPDATE 1-Qatar National Bank to seek Saudi investment banking licence | Reuters

REFILE-UPDATE 1-Qatar National Bank to seek Saudi investment banking licence | Reuters:

"Qatar National Bank (QNB) , the Middle East's biggest bank by assets, said on Thursday it planned to apply for an investment banking licence in Saudi Arabia, where low oil prices are expected to encourage more asset sales and debt raising. Riyadh is already planning to sell about 5 percent of state-owned Saudi Aramco through an initial public offer (IPO) of shares in 2018 that could value the oil giant at $2 trillion, with proceeds used to develop other industries. "One of the plans is to have an investment licence company," QNB Group Chief Executive Officer Ali Ahmed al-Kuwari told reporters while inaugurating a branch in Riyadh offering retail and corporate banking services."



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