Doha Bank talks with lenders to raise debt

Doha Bank in talks with lenders to raise debt. Doha Bank is talking to foreign lenders about the possibility of raising long-term funding either through a private placement or public debt sale, according to chief executive officer Raghavan Seetharaman.

The bank plans to raise debt after completing a 1.3bn riyal ($352.9mn) rights offer earlier this year, Seetharaman said in an interview with Bloomberg TV yesterday, without disclosing how much more it could raise.

Doha Bank, CEO Dr. Raghavan Seetharaman

“We have a strong base of cross-border liquidity support, but at the same time, it’s better to have diversity,” he said. “We have a strong base of funds in Asia, and are exploring possibilities in Europe as well.” The bank may sell senior or subordinated debt, he said. Doha Bank is among Qatari lenders considering options to raise financing, people familiar with the matter said in August.
Lenders in Qatar “don’t have any major issues with liquidity” after the government provided extra funds for the banking sector, though borrowing costs for lenders have risen “slightly” since the boycott began, Seetharaman said.