Qatari government purchases Industrial Financing Bank
The Qatari government recently completed its purchase of all private sector share holdings in Qatar Industrial Development Bank, reports Al-Sharq daily.
The government purchase was conducted with the overwhelming approval of the bank’s General Assembly, which felt, according to reports, that the initiative would improve the bank’s financial status.
Previously, shares of the bank were held by the country’s major banks and financial institutions, including Qatar National Bank, which had a 20 percent stake. As of January, the bank posted an authorized capital of 200 million Qatar riyals ($ 54.9 million). –(MENA Report)
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