Qatari National Bank plans IPO for Syrian unit

Qatar National Bank (QNB) plans to sell 34 per cent of its Syrian unit in a public offering to raise 1.7 billion Syrian pounds ($37 million; Dh136 million). The IPO underlines growing investment interest from foreign banks and comes at a time when Syria is trying to modernise and open up its financial system. Syria reopened the Damascus Securities Exchange in March – four decades after the bourse was closed under a semi-communist economic model that also led to the nationalisation of top private-sector companies. QNB said on Tuesday it would keep a 49 per cent stake in the unit, Qatar National Bank-Syria. Syrian state institutions will hold a 15 per cent stake and the private sector owns 2 per cent. The remaining 34 per cent, or 3.4 million shares, will be offered to Syrian private investors at 500 pounds per share in the IPO between July 12 and August 10. QNB Syria plans to open two new branches in the capital this year and additional branches in other provinces later, it said. The Damascus-based unit is expected to begin operations in the fourth quarter of this year, offering retail, corporate, investment and private banking services. QNB already has branches in Britain, France, Oman, Yemen, Singapore and Sudan. QNB has bought stakes in Jordan's Housing Bank for Trade and Finance (HBTF) in Jordan, the Commercial Bank International in the UAE. It holds a 50 per cent stake in the Tunisian Qatari Bank. QNB did not say if it plans to list its unit on the Damascus bourse, which has 10 listed stocks. Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here .