Commercial Bank Denies Media Reports of Possible Sale of UAE Associate Bank

Doha, Qatar: The Commercial Bank (Q.S.C.) (“Commercial Bank” or “the Bank”) has denied reports that it was attempting to sell its 40 percent stake in its UAE-based associate bank, United Arab Bank (“UAB”). Although it was reported by some media sources that Commercial Bank has been trying to sell its stake in UAB, Commercial Bank explicitly refuted these reports.

 

Commercial Bank Chief Executive Officer, Mr. Abdulla Saleh Al Raisi, issued the following statement, “The Commercial Bank has not contacted or held any talks with local or regional banks or any other financial institution to commence discussions to sell its stake in its UAE-based associate bank. UAB has experienced difficult market conditions resulting in prudent provisioning during Q3 this year. However, we have no plans to withdraw from the UAE market and confirm that there has been no attempt to sell the Commercial Bank’s stake in UAB.”