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Dubai: Citi announced on Thursday that Citibank, N.A. was appointed the depositary bank for the Commercial Bank of Qatar's (CBQ) global depositary receipt (GDR) offering listed on the London Stock Exchange (LSE).
The GDR issue of nearly $700 million, originally priced at $7.50 per GDR, was the primary tranche of a total capital rising of $900 million. CBQ is the State of Qatar's second largest bank by assets, loans and deposits. This capital raise represents the second largest GDR offering from the Middle East or Northern Africa ever.
Citi's Depositary Receipt Services Group is a leader in bringing quality issuers to US and global capital markets and promoting Depositary Receipts (DRs) as an effective means of financing. Citi will be providing the CBQ with the means to diversify their shareholder base and increase their liquidity.
Andrew Stevens, Group CEO of Commercial Bank of Qatar, said, "The strong demand for our GDR issue and the listing on the LSE has raised the international profile of Commercial Bank, and further expanded our institutional investor base. Our long standing relationship with Citi will ensure strong support for the administration of the GDR programme."
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