QNB Group Announces Successful Closing of Syndication for Its $3.5 Billion Loan

Press release

Published February 7th, 2018 - 12:33 GMT

Located in Doha, the QNB Group is one of the largest financial institutions in the Middle East region.

QNB Group, the largest financial institution in the Middle East and Africa , announced the successful closing of the syndication for its USD 3.5 billion three year senior unsecured term loan facility. The syndication was well supported by 21 International Banks and the facility was upsized due to strong demand from the market. The new loan Facility will be used for general corporate purposes.

The syndication was fully underwritten by 9 Underwriters, including Bank of America Merrill Lynch International Limited (BAML), The Bank of Tokyo-Mitsubishi UFJ, Ltd., Barclays Bank PLC, Deutsche Bank AG, London Branch, Intesa Sanpaolo S.P.A., QFC Branch, Mizuho Bank Ltd. (Mizuho), Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and United Overseas Bank Limited. BAML was mandated as the Documentation Co-ordinator while Mizuho was mandated as the Syndication Co-ordinator and Facility Agent.

The Group also announced that it had already repaid in full the earlier loan of USD3.0 billion syndicated loan prior to issuing the above mentioned new loan Facility.

QNB Group CEO Ali Al-Kuwari stated that “QNB Group is very happy at the successful refinancing and the upsizing of the existing syndicated loan facility, which is a reflection of the strong demand by the Top Tier Global Banks that want to continue to partner with QNB Group. This further reflects the investor community’s confidence in the Group’s strategy and the strength of our financial position particularly following the recent announcement of our robust 2017 financial results.”

Background Information

Qatar National Bank

Qatar National Bank (QNB), established in 1964 as the country’s first Qatari-owned commercial bank, has an ownership structure split between the Qatar Investment Authority (50%) and the private sector (50%).

QNB has steadily grown to be among the largest banks in the region and is by far the leading financial institution in the country, with a market share approaching 40% of banking sector assets.

QNB offers a full range of Retail, Corporate, Investment, Treasury, Wealth Management, and Islamic Banking products and services for individuals, corporate institutions and government entities in Qatar as well as internationally.

QNB has the largest distribution network in Qatar, comprising 44 branches and offices (including 3 mobile branches), in addition to 12 Islamic branches and offices operated by QNB Al Islami, and more than 160 ATMs.

QNB was the first conventional bank in Qatar to offer Shari'a-compliant banking products and services through QNB Al Islami, established in 2005.

QNB’s international presence is rapidly expanding to include new locations around the world to supplement the long established branches in London and Paris. Currently QNB has presence in 23 countries including branches in Yemen, Oman Kuwait & Singapore as well as Representative Offices in Iran & Libya. An Islamic branch was recently inaugurated in Sudan, offering a full range of Islamic banking services and products.