Qatar's CBQ Is Said to Plan Capital Increase in Turkish Unit - Bloomberg

Qatar's CBQ Is Said to Plan Capital Increase in Turkish Unit - Bloomberg:

"Commercial Bank of Qatar QSC is planning a capital increase of as much as $1 billion in its Turkish unit to expand in the country, according to people with the knowledge of the matter. The Doha-based lender is seeking to raise between $500 million and $1 billion from existing shareholders of Alternatifbank AS and international financial institutions, the people said, asking not to be identified because the talks are private. CBQ bought a 71 percent stake in Alternatifbank in 2013 and increased it to full ownership in 2016. CBQ is growing its business in Turkey to benefit from rising profit levels and a surge in lending. The country is currently caught up in a diplomatic row with the U.S., with the two nations suspending visa services for each other’s citizens. Qatari lenders are also under pressure after a decision by Saudi Arabia, the United Arab Emirates and Bahrain to cut economic and diplomatic ties with Qatar in June."



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