Qatar’s third-biggest lender is looking to build a controlling stake in National Bank of Oman as meager expansion opportunities at home drive financial firms to seek out growth farther afield.
Commercial Bank of Qatar QSC has offered 49.43 million rials ($128 million) to raise its holding by 15.2% to 50.1%, according to a regulatory statement Thursday. The proposal to acquire 247 million shares represents a 18% premium to NBO’s closing price of June 2.
NBO’s shares rose as much as 9.5% in Muscat, the biggest intraday jump since January. The stock is heading for the highest closing price since the start of the pandemic last year. CBQ declined as much as 0.7%, underperforming the broader market.
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