Citi Appointed Depositary for the Commercial Bank of Qatar's London Stock Exchange Listed GDR Program
August, 14 2008 Citi today announced that Citibank, N.A. was appointed the depositary bank for the Commercial Bank of Qatar's (CBQ) global depositary receipt (GDR) offering listed on the London Stock Exchange (LSE). The GDR issue of nearly $700 million, originally priced at $7.50 per GDR, was the primary tranche of a total capital raising of $900 million. CBQ is the State of Qatar's second largest bank by assets, loans and deposits. This capital raise represents the second largest GDR offering from the Middle East or Northern Africa ever.
Citi's Depositary Receipt Services Group is a leader in bringing quality issuers to U.S. and global capital markets and promoting Depositary Receipts (DRs) as an effective means of financing. Citi will be providing the CBQ with the means to diversify their shareholder base and increase their liquidity.
Andrew Stevens, Group CEO of Commercial Bank of Qatar, said, "The strong demand for our GDR issue and the listing on the LSE has raised the international profile of Commercial Bank, and further expanded our institutional investor base. Our long standing relationship with Citi will ensure strong support for the administration of the GDR programme".
Nancy Lissemore, Global Head of Depositary Receipt Services, Citi, said, "It has been a privilege working with The Commercial Bank of Qatar on this landmark transaction. The substantial breadth and depth of Citi's expertise and resources enable us to provide CBQ with unmatched investor relations support. We look forward to assisting them in maximizing the benefits of their GDR program."
Mohammed Al-Shroogi, Citi's Regional Head for the Middle East, said, "Ambitious companies in the region, such as CBQ, will find Citi a partner of choice as they decide to tap international capital markets. Citi places its global capabilities for the full benefit of Qatari financial institutions and other corporates marching on an expansion path."
The Commercial Bank of Qatar was established in 1975 as the first wholly owned private commercial bank in Qatar. CBQ has grown and prospered over the years to become an important regional bank with a current market capitalization of $8.1 billion. The bank has been profitable in every year since its foundation and has paid dividends annually. For further information, visit cbq.com.qa.
Global Transaction Services offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network spanning over 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the 2nd quarter of 08, it held on average $276 billion in liability balances and $12.8 trillion in assets under custody.
For more information on Citi's Depositary Receipt Services, visit citi.com/dr
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