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Satyendra Pathak
Doha
Commercial Bank (CB) is expected to raise funds worth $2 billion through various sources in 2019, the bank’s top executive has said.
“We have approximately $2 billion of maturities this year and we will renew and replace them with fresh issuances or other forms of debts as required by our businesses,” Commercial Bank Group CEO Joseph Abraham told Qatar Tribune.
“The bank will most probably start the fund raising process from the second or the third quarter of this year,” he said.
Commercial Bank (CB) has got approval from shareholders to increase the limit of an existing Global Commercial Paper and Certificates of Deposit programme from $800 million to $5 billion.
The bank also got nod to issue a new Global Medium Term Notes (GMTN) programme for up to $2 billion and debt notes for up to $2 billion under an existing $5 billion Euro Medium Term Notes (EMTN) programme.
“We have all the necessary approvals from our shareholders to raise up to $5 billion fund, but our maturity this year is $2 billion. So we are unlikely to raise more than $2 billion this year,” he said.
“We will use them depending on the market and requirement of the business. We are looking at various alternative fund raising opportunities based on their economic benefit to the bank,” he said.
“You have to diversify your sources of funding. And that is part of our whole plan. We need to interact with our investors on regular basis. We are also exploring the Australian market to launch kangaroo bond next year,” he said.
Abraham said the bank will continue to consolidate its position in its international ventures in Turkey and Oman. Despite the current weakness in Turkish currency Lira, he said, Commercial Bank is bullish about the country’s economy.
“We have entered into the Turkish market with a long-term vision. Fluctuations in currencies are temporary issues. Lira will adjust according to the economic policies of the country. We are there to stay in the Turkish market for long,” he said.
About the bank’s current stand on selling its stake in United Arab Bank (UAB), he said, “The current share price of the UAB doesn’t reflect its actual value. We recently appointed a new CEO and higher management officials at the bank to achieve the real potential of the bank.”
Earlier Commercial Bank was in talks with the UAE-based Tabarak Investment to sale its 40 percent stake in UAB.
Commercial Bank later said it ceased discussions with Tabarak on the stake sale without giving details.
While the bank’s stake in UAB continues to be an asset held for sale, he said, the bank’s strategy for UAB is to focus on transforming its performance to ensure its share price more closely reflects the true value of UAB.
About plans for the local market, he said, “We might move some of our branches to shopping malls and open branches at the upcoming Doha Metro. Our aim is to have more transaction oriented branches.”
Doha
Commercial Bank (CB) is expected to raise funds worth $2 billion through various sources in 2019, the bank’s top executive has said.
“We have approximately $2 billion of maturities this year and we will renew and replace them with fresh issuances or other forms of debts as required by our businesses,” Commercial Bank Group CEO Joseph Abraham told Qatar Tribune.
“The bank will most probably start the fund raising process from the second or the third quarter of this year,” he said.
Commercial Bank (CB) has got approval from shareholders to increase the limit of an existing Global Commercial Paper and Certificates of Deposit programme from $800 million to $5 billion.
The bank also got nod to issue a new Global Medium Term Notes (GMTN) programme for up to $2 billion and debt notes for up to $2 billion under an existing $5 billion Euro Medium Term Notes (EMTN) programme.
“We have all the necessary approvals from our shareholders to raise up to $5 billion fund, but our maturity this year is $2 billion. So we are unlikely to raise more than $2 billion this year,” he said.
“We will use them depending on the market and requirement of the business. We are looking at various alternative fund raising opportunities based on their economic benefit to the bank,” he said.
“You have to diversify your sources of funding. And that is part of our whole plan. We need to interact with our investors on regular basis. We are also exploring the Australian market to launch kangaroo bond next year,” he said.
Abraham said the bank will continue to consolidate its position in its international ventures in Turkey and Oman. Despite the current weakness in Turkish currency Lira, he said, Commercial Bank is bullish about the country’s economy.
“We have entered into the Turkish market with a long-term vision. Fluctuations in currencies are temporary issues. Lira will adjust according to the economic policies of the country. We are there to stay in the Turkish market for long,” he said.
About the bank’s current stand on selling its stake in United Arab Bank (UAB), he said, “The current share price of the UAB doesn’t reflect its actual value. We recently appointed a new CEO and higher management officials at the bank to achieve the real potential of the bank.”
Earlier Commercial Bank was in talks with the UAE-based Tabarak Investment to sale its 40 percent stake in UAB.
Commercial Bank later said it ceased discussions with Tabarak on the stake sale without giving details.
While the bank’s stake in UAB continues to be an asset held for sale, he said, the bank’s strategy for UAB is to focus on transforming its performance to ensure its share price more closely reflects the true value of UAB.
About plans for the local market, he said, “We might move some of our branches to shopping malls and open branches at the upcoming Doha Metro. Our aim is to have more transaction oriented branches.”
