September 10, 2019 / 7:52 AM / 11 days ago

UPDATE 1-Qatar's commercial bank to raise $600-700 mln in debt over next 6-12 months -CEO

(Adds comment, background on sector)

DOHA, Sept 10 (Reuters) - Qatar’s Commercial Bank plans to raise $600-700 million in debt over the next six to 12 months, the bank’s chief executive officer Joseph Abraham said on Tuesday.

Abraham said the bank, the country’s third-largest lender by assets, would look into dollar and euro bonds to raise the debt.

The bank has previously expressed interest in a variety of funding sources, including Kangaroo bonds, as well as Taiwanese and Japanese bonds.

Qatari banks, traditionally reliant on foreign funding, have sought to tap a larger variety of investors after Qatar became locked in a diplomatic dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain in mid-2017.

Commercial Bank has since looked to sell its 40 percent stake in Abu Dhabi-listed United Arab Bank. (Reporting by Eric Knecht Editing by Shri Navaratnam and Louise Heavens)

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