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Qatar National Bank wants to increase foreign ownership to 49% from 25%

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Qatar National Bank wants to increase foreign ownership to 49% from 25%

Qatar National Bank QPSC's share price rose 10% March 12 after the lender said that it will seek shareholder approval to increase to 49% from 25% the ownership of non-Qatari investors in the bank's capital.

The Qatari lender said it will present the proposal at its extraordinary general assembly, details of which will be disclosed in due course. The proposal will also be subject to regulatory approval.

Qatar National Bank wants to encourage more foreign funds to invest in the bank and to diversify its investors, Bloomberg News reported, noting that foreign investors currently hold roughly 7% of the bank.

Dubai-based Emirates NBD Bank PJSC was also said to be planning to increase its foreign ownership limit to 20% from 5%.