Doha Bank to cut construction exposure, keep UAE branches: CEO | Reuters

Doha Bank to cut construction exposure, keep UAE branches: CEO | Reuters:

Doha Bank will cut its exposure to construction companies to 10 percent from 17 percent of lending in the next three years, its CEO said on Tuesday, part of efforts to adjust to a building industry downturn following a slump in oil prices.

CEO Raghavan Seetharaman also said the bank, Qatar’s fifth largest by assets, would maintain its presence in the United Arab Emirates despite a protracted regional rift.

The UAE, Saudi Arabia, Bahrain and Egypt began a boycott of Qatar in June 2017, accusing the country of supporting militants, which Qatar has denied.