Doha Bank’s Bermuda subsidiary to issue $500m of senior debt bonds – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Doha Bank's Bermuda subsidiary to issue $500m of senior debt bonds

A Bermuda-based subsidiary of Doha Bank will be used to issue $500 million of senior debt bonds in the first quarter of 2011, according to Middle East publication AME Info.

The third largest bank in Qatar said in a statement following an Ordinary General Meeting (OGM) held recently that despite the uncertain economic climate following the global financial crisis, it has been able to make headway in profits and increased returns on assets and equity in the first nine months of 2010.

The OGM was held to discuss the issue of the senior debt bonds, among others. The Bermuda-based Special Purpose Vehicle (SPV), which will issue the senior debt bonds, has been incorporated to support the bank's market interventions to raise capital. The bonds and other market instruments will be guaranteed by Doha Bank.

The bank's chairman, Mr Fahad bin Mohammed bin Jaber Al Thani, said that Doha Bank has been “able to endure and achieve high growth rates in most of the financial indicators”.

Shareholders at the OGM were informed that the bank's net profit during the period ending November 30, 2010 grew by 5.4 percent. Return on average assets grew by 2.6 percent while return on average equity was up by 22.4 percent during the period.

“As you are all well aware of the fact that the implications of the global financial crisis was considerable and affected various economies of the world including the developed economies such as, Britain, France, Spain and other economic giants who are witnessing unprecedented reforms to emerge from this crisis and restore the situation to normality,” he said.

“Under the wise leadership of H.H. The Emir, Sheikh Hamad Bin Khalifa Al-Thani and the strength and durability of Qatar economy, we are looking forward to accomplish additional outlined objectives on the financial, organisational and services levels as per our strategic plans.”

He also expressed the bank's gratitude to various government and financial institutions which have encouraged and supported Doha Bank in its progress and strategic plans.

The chairman congratulated the management team of the bank for their commitment and hard work in making the bank make progress during the hard times and maintain “the best levels of performance in the midst of fierce competition and the continued implications of the global financial crisis that shook various capital markets in the world since the beginning of the fourth quarter of 2008”.

Doha Bank will issue $500 million of senior debt bonds through its Bermuda-based subsidiary

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Published December 29, 2010 at 1:00 am (Updated December 29, 2010 at 8:40 am)

Doha Bank's Bermuda subsidiary to issue $500m of senior debt bonds

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