QNB prints $322m Swiss franc bond, plans 60 percent dividend proposal

January 18, 2013 - 3:47:14 am

DOHA: Qatar National Bank (QNB), the Gulf state’s largest lender, has printed a 300m Swiss franc ($322.44m) bond, a document from sole bookrunner UBS said yesterday.

The two-year floating rate note was issued the previous day at a spread of 40 basis points over three-month Swiss franc Libor (London interbank offered rate), the document, seen by IFR Markets, a Thomson Reuters unit, said.

QNB, rated A+ by Standard & Poor’s, hopes to complete the purchase of the Egyptian unit of France’s Societe Generale  in the next two months, despite a currency crisis gripping the north Africa country, its chief financial officer said on Wednesday.

Meanwhile, the bank said it will discuss its financial report, business plan for 2013 and its Board of Directors’ proposal to disburse 60 percent cash dividend to shareholders at its Extra-Ordinary General Assembly Meeting on January 30.

The EGM will be held at the Sharq Hotel and Resort at 6pm. If the required quorum is not present another meeting will be held on February 3 at the same venue and time, a QNB notification on the Qatar Exchange said yesterday.

Besides approving the distribution of QR6 per share as dividend to its shareholders, the assembly will also discuss absolving the members of the Board of Directors from responsibility and fixing their fees for the financial year ended December 31, 2012.