Qatar National Bank SAQ, the Persian Gulf country’s biggest lender by assets, may become the controlling shareholder of PT Bank Kesawan after a planned rights offering by the Indonesian lender.
The banks signed a “letter of intent” which makes the Qatari lender the “standby buyer” for the offer, Doha-based Qatar National said in an e-mailed statement today. The offer is expected to close in the first quarter of 2011.
“The Letter of Intent with Bank Kesawan supports QNB’s international expansion plans, which in recent years have become an integral part of the Bank’s growth strategy and commitment to diversify the sources of its revenue,” Qatar National said in the statement.
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