March 6, 2019 / 11:43 AM / 7 months ago

Qatar National Bank closes 2 billion euro loan with high subscription

DOHA, March 6 (Reuters) - Qatar National Bank, the largest bank by assets in the Middle East and Africa, said on Wednesday it had closed a syndicated, three-year loan worth 2 billion euros ($2.26 billion), with subscriptions reaching 3.5 billion euros.

The new syndicated loan replaces a 2.25 billion euro-denominated loan obtained in May 2016.

“Despite the excess commitments received, QNB decided to reduce the overall issuance and closed the transaction successfully at 2.0 billion euros,” a statement from QNB said.

QNB, which is 50 percent owned by Qatar’s sovereign wealth fund Qatar Investment Authority, is a regular borrower in the international syndicated loan market. Over the past three years it has raised more than $7 billion in loans.

Crédit Agricole Corporate and Investment Bank, Intesa Sanpaolo S.p.A., Societe Generale Corporate & Investment Banking, UniCredit, and ING Bank N.V were lead arrangers on the loan, QNB said.

($1 = 0.8846 euros)

Reporting by Eric Knecht Editing by Edmund Blair

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