Doha – Mubasher: The Commercial Bank of Qatar (CBQ) on Sunday announced that Tabarak Investment, a subsidiary of Tabarak Commercial Trade, expressed its interest in buying the CBQ’s share in the United Arab Bank (UAB).
Earlier in October, the UAB stated that the CBQ was planning to sell its 40% stake in the bank.
No figures for the deal were disclosed in the CBQ’s statement to the Qatar Stock Exchange (QSE) on Sunday.
Based in Sharjah, the UAE, the UAB is listed on the Abu Dhabi Securities Exchange (ADX) and incorporates 14 branches all over the UAE.
CBQ recently reported QAR 285.98 million ($75.08 million) in profits in the first nine months of 2017, down 48.1% from QAR 499.35 million ($132.37 million) in the year-ago period.
Meanwhile, UAB logged a 43.4% year-on-year drop in profits to AED 49.75 million ($13.54 million) in the nine-month period from AED 87.74 million ($23.88 million)
