Qatar National Bank SAQ (QNBK), the Persian Gulf country’s biggest bank by assets, raised its stake in Dubai based-Commercial Bank International PSC (CBI) to 39.9 percent from 16.5 percent in a deal that may be worth about $75 million.
The purchase “reflects the confidence in the prospects of the financial sector in the United Arab Emirates,” Qatar National said in an e-mailed statement. The 22.5 percent stake is equivalent to 329 million shares, according to Bloomberg calculations, and would be worth $75 million based on today’s 84 fils share price.
The U.A.E., a union of seven emirates including Abu Dhabi and Dubai, has the biggest banking market in the six-nation Gulf Cooperation Council, which also includes Saudi Arabia and Qatar. Commercial Bank of Qatar QSC, the country’s second-biggest lender, also bought a 40 percent stake in U.A.E.’s United Arab Bank PSC during 2007 and 2008 to expand in the country.
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