DOHA: Ahli Bank, Qatar’s seventh largest lender by market value, is taking steps for long-term expansion plans. In keeping with the bank’s strategic expansion plans, the bank may also go for a recapitalisation, the bank’s Deputy CEO-Retail Banking , Andrew Mckechnie (pictured), hinted here yesterday.
Qatar Foundation has 29.4 percent stake in the bank.
“All banks are going for capital boosting. We are also looking for it,” he told reporters without disclosing the structure of the proposed capital boost. “It’s a long-term plan. We are working on it,” he said.
Andrew said Ahli Bank’s capital adequacy ratio is much above the new Basel III requirements.
In keeping with the bank’s expansion plans in Qatar, the bank has been taking steps to increase its presence, by consistently adding to its network of branches and ATM facilities to reach out to the maximum number of people as well as for the banking industry in the Qatar.
Andrew said the bank is planning to launch wider products. “Qatar is a large corporate banking market and we don’t believe in price competition. Instead, we will be focusing on launching wider products and expanding the retail sector”.
Ahlibank posted an “all-time high” net profit of QR525.7m in 2013, up 13 percent earned in 2012. The bank’s total assets stood at QR26.17bn in 2013, up 27 percent recorded a year ago.
Egypt’s second stimulus package almost ready
CAIRO: The details of Egypt’s second stimulus package since president Mohamed Mursi was ousted in July will be announced within days, Finance Minister Ahmed Galal told reporters at an investment conference yesterday.
Egypt’s interim government is trying to boost tepid growth, which stood at 1.04 percent between July and S eptember last year — after three years of political turmoil since autocrat President Hosni Mubarak was toppled in 2011.
Supported by more than $12bn in Gulf aid, Egypt’s interim government introduced a 30bn Egyptian pound ($4.3bn) stimulus package in 2013 and said it would launch another one of about the same size this month.