Commercial Bank Shareholders Approve Increase in Foreign Ownership Limit Up to 100%

By A Robin - March 23, 2022

Commercial Bank

Shareholders of The Commercial Bank (P.S.Q.C.) approved at the Extraordinary General Assembly (EGM) to increase the non-Qatari ownership threshold in the capital of the Bank up to 100%.

The EGM also authorized the Board of Directors to amend the Banks Articles of Association to read that non-Qatari investors may own up to 100% of the Banks capital subject to compliance with Qatar Central Banks related instructions, the Bank said in a statement on Wednesday.

The EGM approval follows the Ministry of Commerce and Industrys confirmation of the approval of the Council of Ministers in its meeting dated 23 February 2022 to increase the non Qatari ownership threshold in the capital of the Bank up to 100% and Qatar Central Banks approval to amend the Banks Articles of Association as stated above.

(QNA)