Doha Bank’s Board of Directors Intend to Issue Tier 1 Capital Notes
H. E. Sheikh Fahad Bin Mohammed Bin Jabor Al Thani – Chairman of Doha Bank stated that the board has met on October 6th, 2013 to discuss the proposed Issuance of Tier 1 Capital Notes and has resolved:
Resolution:
The Board of Directors of Doha Bank have discussed on October 6th, 2013 the topic of the issuance of Tier 1 capital of Doha Bank (“Capital Increase”) to enhance the capital adequacy ratio of Doha Bank and to grow as per the Bank’s approved strategy. Pursuant to this topic, the management of Doha Bank have presented to, and discussed with the Board of Directors the options available for such Capital Increase.
The Board of Directors of Doha Bank hereby resolved in that meeting to submit a recommendation to the Extra Ordinary General Assembly of the shareholders to approve the following:
- To Issue Tier 1 capital (the “Issue”) amounting to QAR 2 billion as per the terms of the Issue which will include but not limited to the following:
a. The instrument for the Issue will be Tier 1 Capital Notes (“Notes”) qualifying as Additional Tier 1 Capital for the Issuer under the Basel III regulations in Qatar.
b. The Issuer will be either Doha Bank or a Special Purpose Vehicle 100% owned by Doha Bank as deemed appropriate by the Management of Doha Bank.
c. The Issue Date will be on or before March 30th, 2014.
d. The Maturity of this instrument will be perpetual, but callable only after [6] years.
- To authorize the Board of Directors of Doha Bank to finalize all other terms and conditions and undertake all necessary steps for the issue to take place
H.E the Chairman also mentioned that the board will determine at a later stage the date for the Extra Ordinary General Assembly meeting after obtaining necessary approvals from the concerned regulatory authorities on the Board’s recommendation and EGM agenda. He also said that the proposed Issuance of Tier 1 Capital Notes will enhance the bank’s prospects for achieving its strategic goals and will strengthen the bank’s lending capacity and improve its competitive edge especially keeping in view the anticipated boom in various economic sectors in the State of Qatar in the coming years.
Finally, H.E. Sheikh Fahad Bin Mohammad Bin Jabor Al Thani thanked the shareholders for their profound confidence in Doha Bank and also thanked all the officials of Qatar Central Bank, Ministry of Business and Trade, Qatar Financial Markets Authority and Qatar Exchange for their continued cooperation and support to the bank.