Qatar National Bank SAQ, the Persian Gulf country’s biggest bank by assets, said its planned $3.5 billion rights offer will boost core capital as the firm aims to become the top Gulf Arab lender in the next five years.
“We are currently ranked No. 2 in profitability within the region, No. 3 in terms of assets, top five in terms of loans and deposits, but if you look at equity we are around No. 8 or 9 and if you look at capital adequacy ratios we are more than 20,” Chief Financial Officer Ramzi Mari said in a conference call with investors today.
This will “hinder” Qatar National’s ability to meet its target of becoming the top financial institution in the Gulf Arab region in the next three to five years and achieve annual growth of 25 percent to 30 percent, he said.
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