CBQ extends time for selling 40% stake in UAB

Mubasher: Commercial Bank of Qatar (CBQ) has agreed upon extending the time for selling its 40% stake in Abu Dhabi-listed United Arab Bank (UAB) to the UAE-based Tabarak Investment.

The stake of Qatar’s third-largest bank by assets in the UAB is worth AED 1 billion ($270 million).

An exclusivity agreement granted to Tabarak Investment to complete the acquisition expired on Monday, 2 April, sources told Reuters.

Since the begging of its talks in September 2017 with Commercial Bank about the acquisition, the UAE-based private equity firm has required several extensions of the exclusivity period to secure the required financing for the deal, sources added.

In 2017, the Commercial Bank announced that it was planning to sell its stake in the UAB.

By 11:30 am, Commercial Bank’s stock declined 0.65% at QAR 30.80.

Mubasher Contribution Time: 03-Apr-2018 09:50 (GMT)
Mubasher Last Update Time: 03-Apr-2018 10:23 (GMT)