QNB's Syrian IPO Should Attract Domestic Interest

Qatar National Bank (QNB), the largest bank in Qatar in terms of assets and market value, has said that it will launch an initial public offering (IPO) for its affiliate bank in Syria. The Syrian cabinet agreed in 2008 to establish QNB-Syria as a joint company, with 49% owned by QNB, 15.5% by Syrian government organisations and 3% by the private sector. The remaining 32.5% will be listed in a May IPO, according to the bank's Chief Business Officer Ali Ahmed al-Kuwari, once it has received the required approvals from the Central Bank of Syria.

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