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), in addition it will provide the CBQ with the means to diversify their shareholder base and increase their liquidity.
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. This capital raise represents the second largest GDR offering from the Middle East or Northern Africa ever.
“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,” says Andrew Stevens, Group CEO of Commercial Bank of Qatar. “Our long standing relationship with Citi will ensure strong support for the administration of the GDR programme”.
“It has been a privilege working with The Commercial Bank of Qatar on this landmark transaction,” says Nancy Lissemore, Global Head of Depositary Receipt Services, Citi. “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.”